Lucchini RS Holding S.p.A. (“LRS”) has signed binding agreements with Jupiter Wagons Limited (“JWL”), a leading Indian railway engineering company and publicly listed on Indian stock exchanges, to acquire a 15% stake in Jupiter Tatravagonka Railwheel Factory Private Limited (“JTRWF”) – a company currently wholly owned by JWL – alongside SIMEST (CDP Group) with an additional 10% stake, acting in coordination with LRS.
On the left, Augusto Mensi, CEO of Lucchini RS; on the right, Vivek Lohia, Managing Director of Jupiter Wagons Limited. Supplied by: © Lucchini RS
The transaction carries the backing of the Government of Italy. It is delivered through ‘Sistema Italia’, the framework coordinated by the Italian Ministry of Foreign Affairs, under which SIMEST, the internationalisation arm of the State-controlled CDP Group, takes a direct equity participation, while CDP provides dedicated financial and advisory support for LRS’s investment. The initiative also benefits from the support of the Italian Embassy in India.
JTRWF operates through a two-site industrial platform: Odisha, where significant investments are underway in upstream production processes, including forging and primary metallurgy, and representing the core of the platform’s industrial development, and Chhatrapati Sambhajinagar, an already operational plant focused on machining and wheelset assembly and representing one of the most established industrial platforms in India in the wheelset segment. This combination provides LRS with both a forward-looking industrial development platform and better access to the Indian market through an already operational facility.
At full ramp-up, the platform will become a fully integrated facility in India capable of covering the entire production cycle, the only one in India including the complete manufacturing of wheels, axles and wheelsets. The start of production at the Odisha plant is expected to take place progressively between 2027 and 2028, in line with the industrial development plan.
The industrial and commercial rationale of the transaction is based on strong synergies and complementarities, including:
- Lucchini RS’s role on one hand in providing industrial support for the plant’s development and on the other hand in the commercial coordination, both for the deployment of advanced solutions in the Indian market and for the development of JTRWF’s global footprint through its integration into international supply chains.
- Jupiter Wagons’ internal demand, as one of India’s leading railway wagon manufacturers.
- The significant growth of the Indian railway market, in which all major global train manufacturers are directly active.
- The long-term offtake partnership with Tatravagónka, one of Europe’s leading railway wagon manufacturers, offering a committed international channel for the platform’s output.
LRS will also contribute through technical assistance activities, supporting engineering, industrialisation and start-up phases in close cooperation with JTRWF’s team.
The transaction is fully consistent with LRS’s strategy of building a direct industrial presence in high-growth markets, reinforcing its global positioning through long-term industrial partnerships.
Giuseppe Lucchini, Chairman of Lucchini RS, commented:
“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. 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.”
Vivek Lohia, Managing Director of Jupiter Wagons Limited, commented:
“We are proud to partner with Lucchini RS in building a fully integrated railwheel platform in India, the only one capable of producing wheels, axles and wheelsets under one roof. We deeply value the confidence placed in this venture by SIMEST and the wider Italian institutional system, whose participation reflects the growing strength of industrial cooperation between India and Italy. Together with our long-term offtake partner Tatravagónka, this platform is built to serve both India’s fast-expanding railway network and demanding export markets.”
Lucchini RS confirms its commitment to develop a global industrial presence based on selective investments, strong partnerships and progressive growth in the most relevant railway markets.
- Transaction overview: Lucchini RS Holding S.p.A. (“LRS”) has signed binding agreements with Jupiter Wagons Limited to acquire a stake in Jupiter Tatravagonka Railwheel Factory Private Limited (“JTRWF”), an industrial platform active in the production of railway wheels, axles and wheelsets in India.
- Equity structure and role: LRS will invest with a 15% equity stake, alongside SIMEST S.p.A. (CDP Group), the Italian institutional investor for international growth, with an additional 10% stake, acting in coordination with LRS.
- Industrial footprint: the project is centred on the development of the new Odisha plant, which represents the core of the investment and will enable the build-out of the integrated industrial platform, complemented by an already operational industrial base in Chhatrapati Sambhajinagar (erstwhile Aurangabad), providing an immediate and tangible footprint in India.
- Development and integration: the initiative is aimed at creating a fully integrated industrial platform in India covering wheels, axles and wheelsets, through the progressive development of the industrial assets.
- Strategic rationale: the transaction is supported by the industrial support and commercial coordination provided by Lucchini RS, Jupiter Wagons’ internal demand, the growth of the Indian railway market, and the long-term offtake partnership with Tatravagónka a.s.
