According to a top executive of the private sector wagon-maker, Titagarh Rail Systems Ltd. and Ramkrishna Forgings Ltd. intend to establish one of Asia's largest train wheel production operations in India. Currently, India primarily imports train wheels from China; however, the new business is anticipated to turn India into a net exporter of wheels.

"This project will require a total investment of between 1,000 and 1,200 crore. We'll build a factory with a production capacity of 200,000 wheels annually, of which 80,000 will be contracted out to the Indian Railways. According to Umesh Chowdhary, vice-chairman and managing director of Titagarh Rail Systems, the remaining 120,000 will be used for our needs.

It also plans to export the wheels to several countries, including Europe.

“Of the projected total investment in the venture, the equity part will be 50% each for both firms, which is around ₹100-150 crore each. The rest will be funded through debt by a special purpose vehicle," he said.

Chowdhary said the project will make India self-reliant in rail wheel manufacturing.

“We import wheels from various countries, including China. With this plant, India will become a net exporter of wheels. One reason the industry did not invest in wheel manufacturing was the lack of guarantee on demand for wheels," he said.