Mumbai, Aug. 28 -- Shares of Texmaco Rail & Engineering rose 0.46% to Rs 139 on the BSE.

Under the agreement, RVNL will hold a 51% stake in the new entity, while Texmaco will own the remaining 49%. The JV is expected to close by 31 December 2025, subject to regulatory approvals.

The joint venture company will focus on the manufacturing and maintenance of freight and passenger rolling stock, including locomotives, wagons, coaches, trainsets, metro coaches and specialized equipment.

The establishment of this joint venture holds strategic importance for both Texmaco Rail and RVNL. Through the combination of Texmaco Rail's extensive manufacturing experience and RVNL's project execution capabilities, the two firms aim to enhance their opera...