Jupiter Wagons has entered into a strategic partnership with Italy’s Lucchini RS Holding S.p.A. under which the Italian company will pick up a 15% stake in the wagon maker’s rail wheel manufacturing arm, the company said in a stock exchange filing.

Under the binding agreements, Lucchini RS, which is a global manufacturer of railway wheels, axles and wheelsets, will acquire the stake in Jupiter Tatravagonka Railwheel Factory (JTRWF). 

SIMEST S.p.A., an Italian government financial institution, will separately take an additional 10% stake in the subsidiary. The two transactions together account for a 25% stake at a combined consideration of roughly €28 million.

Italian government-backed investment under Sistema Italia 

The deal has been structured under the Sistema Italia framework, an initiative coordinated by Italy’s Ministry of Foreign Affairs to support Italian companies expanding overseas. SIMEST is coming in as an equity investor as part of this arrangement, while CDP, Italy’s state-owned development bank, is providing financial and advisory support to Lucchini RS for the transaction. The Italian Embassy in India is also learnt to be involved in facilitating the partnership.

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Jupiter Wagons-Lucchini RS partnership: What the agreement includes 

JWL said the tie-up is aimed at building India’s first fully integrated private-sector railwheel manufacturing platform, spanning the entire value chain from raw material processing to finished wheels, axles and wheelsets.

JTRWF currently runs an operational unit in Chhatrapati Sambhajinagar (formerly Aurangabad) that handles machining and wheelset assembly. The partnership will now extend to a greenfield facility coming up in Odisha, which is expected to add forging, primary metallurgy and wheel manufacturing capabilities.

“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.” Vivek Lohia, Managing Director of Jupiter Wagons, said. 

Once the Odisha plant is operational, JTRWF is expected to be the only private-sector player in the country capable of producing railway wheels, axles and wheelsets end-to-end under one roof, according to the company.

Lucchini RS is expected to bring in technology and engineering support through the project’s development, industrialisation and commissioning phases, and will also work with JTRWF on product development and market expansion, the filing said. JWL pointed to its own captive requirement for wheelsets, arising from its existing wagon manufacturing business, as an anchor demand base for the new venture.

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“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.” Giuseppe Lucchini, Chairman, Lucchini RS, said.

About Jupiter Wagons

Jupiter Wagons makes freight wagons, commercial vehicles, ISO marine containers, and components such as couplers, draft gears, bogies, CMS crossings, brake discs and brake systems, besides wheels and axles. It operates manufacturing units in Kolkata, Jamshedpur, Indore, Jabalpur, Bangalore and Chhatrapati Sambhajinagar, and counts Indian Railways, American Railroads, the Ministry of Defence, BEML, Alstom, Tata Motors, GE and Volvo Eicher Motors among its clients.

Jupiter Wagons’ share price

Jupiter Wagons’ share price was down 1.34% as of market closing on August 4, 2026. The company’s share price has been up 0.72% in the last month. However, it has been down 23.66% in the past year.