State-run Bharat Heavy Electricals has entered into a joint venture agreement with Titagarh Rail Systems to provide comprehensive maintenance services for Vande Bharat sleeper trainsets over 35 years. According to BHEL's regulatory filing on Tuesday, the agreement was signed on September 15 and follows earlier communication dated March 19, 2026. The joint venture will be incorporated as a private limited company with initial paid-up share capital of ₹50 lakh. As per the latest reports, the JVC will issue fully paid-up equity shares with a face value of ₹10 each at par in the ratio of shareholding of the parties upon or after incorporation.
Both companies will maintain equal stakes in the joint venture, with BHEL and Titagarh Rail each holding 50% stake in the yet-to-be incorporated entity. The registered office will be located in Delhi, and each company will nominate two directors to the board. According to BHEL, the JVC will leverage the joint technical strength of both organizations to ensure operational readiness, safety and reliability of the trainsets throughout their 35-year service life. Titagarh Rail Systems further stated that the joint venture is expected to facilitate technical collaboration, operational synergies and efficient lifecycle management of the Vande Bharat Trainsets, while supporting the long-term objectives of Indian Railways for modern, reliable and high-quality passenger transportation.
BHEL shares declined 4.21% to ₹412.85 at the end of Tuesday's trading session, underperforming the NSE Nifty 50's 1.19% decline. The stock opened at ₹431.25 and traded in a range of ₹412.85 to ₹432.00 during the session. Looking at its 52-week performance, BHEL shares have gained 79.76% year-on-year, with a high of ₹446.50 and a low of ₹229.12. The company's market capitalization stands at ₹83,687.91 crore with a P/E ratio of 306.94. Meanwhile, Titagarh Rail Systems closed 3.65% lower at ₹811.45 on Tuesday, with the stock having declined 8% during 2026 so far. According to NSE data as of September 15, 2026, BHEL and Titagarh Rail Systems have a total market capitalization of ₹1.44 lakh crore and ₹10,928.10 crore respectively.
