Titagarh Rail Systems Limited (TRSL) and Bharat Heavy Electricals Limited (BHEL) have approved the formation of a special purpose vehicle (SPV) to manage long-term maintenance of the Vande Bharat Sleeper trainsets that their consortium will supply. TRSL informed in a regulatory filing dated 19 March that its board approved the SPV to meet maintenance obligations under the Vande Bharat Sleeper project. The arrangement is intended to centralise service responsibilities for the trains across the lifecycle.

The JV will provide comprehensive servicing as part of the long-term contract awarded under the Government of India’s Make-in-India and Atma Nirbhar Bharat programmes. BHEL disclosed that the proposed joint venture will proceed after obtaining approval from the Department of Investment and Public Asset Management and that the JV agreement will be finalised with modifications, if any. The companies also indicated that regulatory disclosures under SEBI rules will follow once the agreement is signed.

The TRSL-BHEL consortium has secured a contract valued at nearly Rs 240 bn to manufacture and maintain 80 Vande Bharat Sleeper trainsets for Indian Railways. Each trainset will consist of 16 coaches and the agreement includes maintenance responsibilities for a period of 35 years. The long maintenance term forms part of the consortium's commitments under the maintenance cum manufacture agreement.

TRSL has set a 31 March target to complete the car bodies for the first rake of the sleeper version and the consortium aims to roll out the first train by the third quarter of the financial year 2027. The SPV structure is being established to ensure continuity of maintenance services over the contract term and to meet obligations under central procurement norms. Further operational timelines and formal approvals will be disclosed as the JV agreement is finalised and necessary clearances are obtained.