Lucchini RS and SIMEST S.p.A. have agreed to acquire a combined 25% stake in Jupiter Tatravagonka Railwheel Factory for €28 million. Backed by Italian state frameworks, the partnership will establish India's first fully integrated private-sector railwheel manufacturing facility in Odisha to produce forged wheels, axles, and wheelsets.
NEW DELHI — Italian railway components major Lucchini RS Holding S.p.A. and Italian state-backed financial institution SIMEST S.p.A. have agreed to acquire a combined 25% stake in Jupiter Tatravagonka Railwheel Factory Private Limited (JTRWF) for approximately €28 million.
The binding agreement with mobility solutions provider Jupiter Wagons Limited (JWL) establishes a long-term cross-border industrial alliance. The partnership will build India’s first fully integrated private-sector railwheel manufacturing platform, establishing end-to-end production of forged wheels, axles, and assembled wheelsets for domestic and international railway supply chains.
Strategic Stake Acquisition and Structure
Under the terms of the transaction, Lucchini RS will acquire a 15% equity stake in JTRWF, while SIMEST—part of Italy's Cassa Depositi e Prestiti (CDP) Group—will hold an additional 10%. The total €28 million deal consideration is backed by the Italian Government under its Sistema Italia framework, coordinated by the Italian Ministry of Foreign Affairs.
CDP is providing dedicated financial and advisory support to Lucchini RS, while the diplomatic mission through the Italian Embassy in India is supporting the deal to deepen bilateral industrial cooperation.
Odisha Greenfield Expansion and Production Footprint
The deal combines JTRWF’s existing operational facility in Chhatrapati Sambhajinagar (formerly Aurangabad), Maharashtra—which handles machining and wheelset assembly—with a state-of-the-art greenfield complex being developed in Odisha.
The upcoming Odisha manufacturing plant will house integrated upstream operations, including primary metallurgy, steel forging, and wheel manufacturing. Once operational, the Odisha facility will complete the value chain under one roof, providing full domestic production capabilities from raw metal to finished wheelsets.
In addition to domestic demand, Jupiter Wagons' extensive wagon manufacturing business will act as an anchor buyer for JTRWF's output, offering immediate scale and long-term commercial visibility. Lucchini RS will provide technical assistance, metallurgical engineering, and product development support throughout the industrialization and commissioning stages.
Financial Performance and Operational Context
Jupiter Wagons reported consolidated total income of ₹2,961 crore and a net profit after tax (PAT) of ₹166 crore for the full fiscal year ended March 31, 2026. The group's total order book stood at ₹4,675 crore as of March 31, 2026, driven by orders from Indian Railways and private freight operators.
Prior to this transaction, JTRWF signed a 10-year definitive supply agreement with European freight wagon manufacturer Tatravagonka a.s. to supply up to 50,000 wheelsets annually from the Odisha facility once commercial production begins.
Official Sources Section
The corporate transaction was formally disclosed to Indian equity exchanges in a regulatory filing pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations. Statements were confirmed in official press releases issued by Jupiter Wagons Limited, the National Stock Exchange of India, and BSE Limited.
Quote Section
"This partnership marks a defining milestone in our vision of building a globally competitive railwheel manufacturing ecosystem in India," said Mr. Vivek Lohia, Managing Director of Jupiter Wagons Limited. "By combining Jupiter Wagons' manufacturing capabilities with Lucchini RS's world-class technology and engineering expertise, and 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. Beyond capacity creation, this partnership represents the convergence of technology, innovation and long-term industrial collaboration that will strengthen India's self-reliance in critical railway components while positioning the country as a trusted global manufacturing hub."
"This transaction represents a significant step in Lucchini RS's international development path, allowing us to enter an already operational industrial platform with strong growth potential," stated Mr. Giuseppe Lucchini, Chairman of Lucchini RS. "The partnership with Jupiter Wagons enables us to establish a structured presence in the Indian market, leveraging a solid industrial base and a leading local partner. We would also like to acknowledge the role of SIMEST and CDP in supporting this initiative, as well as the support of the Italian Embassy in India."
Why It Matters
Historically, India’s rail ecosystem has faced supply chain bottlenecks for high-speed forged wheels and specialized axles, relying heavily on foreign imports to meet domestic demand. By establishing a fully integrated forging and manufacturing line in Odisha, Jupiter Wagons and Lucchini RS create a localized supply chain for high-performance railway components. This direct transfer of metallurgical technology boosts domestic engineering capabilities, lowers import dependencies for freight and passenger networks, and integrates Indian manufacturing into global transportation markets.
Key Facts at a Glance
Total Investment Value: Combined 25% equity stake acquired for approximately €28 million.
Stake Ownership: Lucchini RS holds 15%; SIMEST S.p.A. holds 10%.
Manufacturing Facilities: Integrates the existing machining unit in Chhatrapati Sambhajinagar with an upstream forging complex in Odisha.
Institutional Support: Supported by the Italian Government’s Sistema Italia framework, the Italian Ministry of Foreign Affairs, and the Italian Embassy in India.
Primary Objective: Establishes India's first fully integrated private-sector railwheel, axle, and wheelset production line.
Frequently Asked Questions (FAQ)
Who are the main parties in this strategic agreement?
Jupiter Wagons Limited (JWL) has partnered with Italy-based Lucchini RS Holding S.p.A. and Italian financial institution SIMEST S.p.A. to fund and expand Jupiter Tatravagonka Railwheel Factory Private Limited (JTRWF).
How much equity stake are Lucchini RS and SIMEST acquiring?
Lucchini RS is acquiring a 15% stake, and SIMEST is acquiring a 10% stake in JTRWF, totaling a combined 25% equity stake valued at approximately €28 million.
Where will the primary integrated production facility be located?
Upstream manufacturing operations—including forging, metallurgy, and complete wheel assembly—are being developed at a greenfield complex in Odisha, which will work alongside JTRWF's operational facility in Chhatrapati Sambhajinagar, Maharashtra.
What products will the JTRWF platform manufacture?
The platform will handle end-to-end production of forged railway wheels, axles, and integrated wheelsets for freight wagons, passenger rail, and export markets.
Sources: Jupiter Wagons Limited Official Portal, Company Disclosure to the Stock Exchnages
