Titagarh Rail Systems Announces Joint Venture with BHEL and Corporate Guarantee for ONGC

Kolkata, 19 March 2026: Titagarh Rail Systems Limited (TRSL) today announced key decisions from its Board meeting held on 19th March 2026.

Joint Venture with BHEL for Vande Bharat Trains

The TRSL Board approved the formation of a Joint Venture Company with Bharat Heavy Electricals Limited (BHEL) as a special purpose vehicle to manage maintenance obligations for Vande Bharat Trains. These trains are supplied under the Manufacturing-cum-Maintenance Agreement (MCMA) executed with the Ministry of Railways, Government of India, as part of the Make-in-India initiative supporting the Atma Nirbhar Bharat program.

Shri Umesh Chowdhary, Vice Chairman and Managing Director of TRSL, has been authorized to finalize the Joint Venture Agreement (JVA) and nominate the company’s representatives for signing the agreement, subject to regulatory approvals.

Details required under SEBI Listing Regulations and relevant circulars will be disclosed once the JVA is executed.

Also Read: BHEL Approves ₹3,064 Crore Investment in Bharat Coal Gasification & Chemicals Limited

Corporate Guarantee for ONGC Tender

The Board also approved providing a corporate guarantee in favor of Oil and Natural Gas Corporation Ltd. (ONGC) on behalf of TRSL’s wholly owned subsidiary, Titagarh Naval Systems Limited (TNSL), for participation in a tender floated by ONGC.

The corporate guarantee is provided at arm’s length and has no immediate financial impact on the listed entity. None of the promoters, promoter group members, or directors have any interest in this transaction.

About Titagarh Rail Systems Limited (TRSL)

CIN: L27320WB1997PLC084819
Registered Office: Poddar Point, 10th Floor, 113 Park Street, Kolkata – 700016
Corporate Office: Titagarh Towers, 756, Anandapur, E.M. Bypass, Kolkata – 700107
Website: www.titagarh.in

TRSL is a leading rail manufacturing company in India, engaged in the design, manufacture, and maintenance of rail coaches and specialized rail systems, contributing to the Government of India’s initiatives in railway modernization.