New Delhi, Aug. 27 -- Texmaco Rail & Engineering Ltd has entered into a joint venture agreement with Rail Vikas Nigam Ltd (RVNL) to establish a new company focused on railway manufacturing and infrastructure initiatives. The joint venture will be supported by an investment of Rs.4.90 crore from Texmaco Rail, provided through cash contributions.

The company's board meeting conducted earlier today approved the agreement, which was signed immediately following the conclusion of the meeting. Under the joint venture agreement, RVNL will possess a majority stake of 51%, whereas Texmaco Rail will hold a 49% share.

The new company will be involved in the manufacturing and maintenance of freight and passenger rolling stock, which includes locomo...