NEW DELHI(Metro Rail News): The joint venture of Titagarh Rail Systems Limited (TRSL) and Bharat Heavy Electricals Limited (BHEL) has signed a 35-year long-term maintenance contract for Vande Bharat Sleeper trains with Indian Railways. Titagarh Rail & BHEL won the ₹24,000 crore contract to manufacture 80 Vande Bharat Sleeper trains in April 2023. For 35 years, the JV will handle the responsibility for the upkeep of 80 Vande Bharat Sleeper trains.
BHEL and TRSL will each hold an equal 50% stake in the proposed joint venture, according to a regulatory filing. The partnership will be structured as a private limited company, with both entities holding an equal share in the ownership and, consequently, in the equity capital of the JV.
The joint venture will have an initial paid-up share capital of ₹50 lakh and will be established with its registered office in Delhi. The company will serve as the corporate structure through which BHEL and TRSL will jointly undertake activities envisaged under the partnership.
Under the proposed joint venture structure, BHEL and TRSL will each nominate two directors to the JV’s board, ensuring equal representation of both companies in its governance and decision-making process.
According to the regulatory filing, the joint venture will leverage the respective technical capabilities and expertise of BHEL and TRSL to support the operational readiness, safety and reliability of the train sets throughout their envisaged 35-year service life.