Bharat Heavy Electricals Limited (BHEL) has signed a Joint Venture Agreement with Titagarh Rail Systems Limited (TRSL) on September 15, 2026. This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Key Details of the Joint Venture:
Nature of Agreement: Formation of a 50:50 Joint Venture Company (JVC) between BHEL and Titagarh Rail Systems Limited.
Business Scope: The JVC will be engaged in comprehensive maintenance of supplied Vande Bharat Sleeper Trainsets for a period of 35 years.
Shareholding Structure: Equal partnership with BHEL holding 50% and TRSL holding 50% equity in the JVC.
Corporate Structure: The JVC will be incorporated as a "Private Limited" company with its registered office situated in the state of Delhi.
Capital Structure: The initial paid-up share capital of the JVC is set at INR 50,00,000 (Indian Rupees Fifty Lakh only).
Governance Structure: BHEL and TRSL shall each nominate Two (2) Directors on the Board of the JVC.
Related Party Status: The transaction does not qualify as a related party transaction, and no promoters/promoter groups/group companies have any interest in the entity being acquired.
Rationale: The JVC aims to leverage the joint technical strength of both promoter companies (BHEL and TRSL) to ensure operational readiness, safety, and reliability of the Vande Bharat Sleeper Trainsets throughout their entire 35-year service life.
Current Status: The Joint Venture Company is yet to be incorporated at the time of this disclosure.