Jupiter Wagons Partners with Lucchini RS to Strengthen Rail Wheel Manufacturing in India
The combined 25% stake, valued at approximately €28 million, marks a significant investment in JTRWF and reinforces Jupiter Wagons' plans to expand its capabilities in railway wheels, axles and wheelsets.
The partnership brings together Jupiter Wagons' manufacturing expertise and Lucchini RS's global leadership in rail wheel technology, supporting technology transfer, advanced manufacturing and the localisation of high-quality railway components in India. The collaboration is expected to strengthen the domestic rail supply chain while supporting the growing demand from Indian Railways and international markets.
The investment establishes a long-term industrial partnership between India and Italy aimed at creating India's first fully integrated private-sector railwheel manufacturing platform, capable of producing railway wheels, axles and wheelsets across the entire value chain, from raw material processing to finished products. The collaboration combines Jupiter Wagons' leadership in India's railway manufacturing ecosystem with Lucchini RS's globally recognised expertise in advanced railwheel technology, engineering and metallurgical excellence.
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 Jupiter Tatravagonka Railwheel Factory (JTRWF), the partners will serve the rapidly expanding Indian railway market while building a robust export platform, further integrating India into global railway supply chains and deepening industrial collaboration between India and Italy.
The transaction is backed by the Government of Italy under the Sistema Italia framework, coordinated by the Italian Ministry of Foreign Affairs. As part of this initiative, SIMEST is participating as an equity investor, while CDP is extending dedicated financial and advisory support to Lucchini RS. The partnership also enjoys the support of the Italian Embassy in India, underscoring its strategic significance in advancing bilateral industrial and economic cooperation.
JTRWF's integrated manufacturing platform combines its operational facility in Chhatrapati Sambhajinagar (formerly Aurangabad), which currently undertakes machining and wheelset assembly, with a state-of-the-art greenfield manufacturing complex under development in Odisha.
The Odisha facility will house upstream capabilities including forging, primary metallurgy and wheel manufacturing, enabling end-to-end production of railway wheels, axles and wheelsets. Once operational, it will become India's only fully integrated private-sector railwheel manufacturing platform, capable of delivering the complete manufacturing value chain under one roof.
Published on:
04 August 2026
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