BHEL Share Price in Focus; Enters 50:50 JV With Titagarh Rail for Vande Bharat Sleeper Trainset Maintenance

Bharat Heavy Electricals Limited (BHEL) has signed a Joint Venture Agreement with Titagarh Rail Systems Limited (TRSL) for the maintenance of Vande Bharat Sleeper Trainsets, as per an exchange filing dated 15 September 2026. 

The proposed joint venture will be a domestic entity.  

Equal Shareholding in Proposed Company 

BHEL and TRSL will hold an equal 50% stake each in the proposed joint venture company. The company has not yet been incorporated. 

It will be registered as a Private Limited Company with an initial paid-up share capital of ₹50 lakh. The registered office of the proposed company will be in Delhi.  

The board will also have equal representation. BHEL and TRSL will each nominate two directors to the board of the joint venture company.  

Maintenance to Continue for 35 Years 

The joint venture will undertake the comprehensive maintenance of the supplied Vande Bharat Sleeper Trainsets for 35 years. 

The filing lists comprehensive maintenance of the supplied trainsets as the business scope of the proposed company. No separate value for the joint venture has been disclosed, as the company is yet to be incorporated.  

Technical Role of Both Companies 

BHEL said the proposed joint venture will use the technical strength of both companies for the maintenance of the trainsets. 

The stated objective is to maintain the operational readiness, safety and reliability of the Vande Bharat Sleeper Trainsets during their entire 35-year service life.  The disclosure also states that the proposed arrangement is not a related-party transaction.  

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Bharat Heavy Electricals Limited (BHEL) Share Price Performance  

As of September 16, 2026, 12:40 pm, Bharat Heavy Electricals Ltd (BHEL) share price was trading at ₹412.15, a 0.17% decrease from the previous closing price. 

Conclusion 

The agreement sets out a 50:50 ownership structure between BHEL and Titagarh Rail for the proposed maintenance company.  

The venture will have an initial paid-up capital of ₹50 lakh and will cover comprehensive maintenance of the supplied Vande Bharat Sleeper Trainsets for 35 years. 

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