Jupiter Wagons, Lucchini RS forge India-Italy partnership to build India's first private railwheel manufacturing platform

Under the binding agreements, Lucchini RS will acquire a 15 per cent equity stake in Jupiter Tatravagonka Railwheel Factory Pvt Ltd (JTRWF), while SIMEST S.p.A., an Italian government-backed financial institution, will acquire an additional 10 per cent stake.

The combined 25 per cent investment is valued at approximately €28 million.

The partnership aims to create India's first fully integrated private-sector facility capable of manufacturing railway wheels, axles and wheelsets across the entire value chain—from raw material processing to finished products.

The collaboration brings together Jupiter Wagons' strong presence in India's railway manufacturing sector with Lucchini RS's globally recognised expertise in advanced railwheel technology, engineering and metallurgy.

According to the company, the partnership will strengthen India's domestic rail manufacturing capabilities while positioning the country as a globally competitive hub for high-value railway components.

Through JTRWF, the partners plan to cater to the rapidly growing Indian railway market while building a strong export platform, further integrating India into global railway supply chains and deepening industrial cooperation between India and Italy.

The transaction is supported by the Government of Italy under the Sistema Italia framework, coordinated by the Italian Ministry of Foreign Affairs. As part of the initiative, SIMEST will participate as an equity investor, while CDP will provide dedicated financial and advisory support to Lucchini RS.

The partnership has also received the backing of the Italian Embassy in India, underscoring its strategic importance in enhancing bilateral industrial and economic ties.

JTRWF's manufacturing platform combines its existing facility in Chhatrapati Sambhajinagar (formerly Aurangabad), which currently handles machining and wheelset assembly, with a state-of-the-art greenfield manufacturing complex under development in Odisha.

The Odisha facility will house upstream operations, including forging, primary metallurgy and wheel manufacturing, enabling end-to-end production of railway wheels, axles and wheelsets under one roof.

Once operational, it will become India's only fully integrated private-sector railwheel manufacturing platform.

The companies said the partnership is underpinned by strong long-term growth prospects. Lucchini RS will provide advanced technology, engineering expertise and industrial support during the development, industrialisation and commissioning of the platform, while collaborating on product development and expanding JTRWF's presence in domestic and international markets.

Jupiter Wagons' substantial in-house demand for wheelsets, driven by its leadership in railway wagon manufacturing, is expected to provide a strong anchor customer base from the outset, supporting long-term commercial sustainability.

The partners said the collaboration would accelerate technology transfer, strengthen engineering capabilities and enhance India's competitiveness in the global railway manufacturing ecosystem.

Commenting on the partnership, Vivek Lohia, Managing Director of Jupiter Wagons Ltd, said the collaboration marked a significant milestone in the company's vision of building a globally competitive railwheel manufacturing ecosystem in India.

"By combining Jupiter Wagons' manufacturing capabilities with Lucchini RS's world-class technology and engineering expertise, along with the strategic support of SIMEST and the wider Italian institutional ecosystem, we are creating India's first fully integrated private-sector platform for manufacturing wheels, axles and wheelsets," Lohia said.

He added that the partnership would strengthen India's self-reliance in critical railway components while supporting the country's rail modernisation ambitions and expanding its presence in global railway supply chains.

Giuseppe Lucchini, Chairman of Lucchini RS, said the investment represented an important step in the company's international expansion strategy.

"The partnership with Jupiter Wagons enables us to establish a structured presence in the Indian market by leveraging a strong industrial platform and an experienced local partner. We also acknowledge the support extended by SIMEST, CDP and the Italian Embassy in India in making this initiative possible," he said.