The Rs 2,180-crore forged wheels project of Ramkrishna Titagarh Rail Wheels Ltd (RTRWL), a joint venture between Titagarh Rail Systems Ltd and the city-based Ramkrishna Forgings Ltd, is reportedly getting close to financial closure.

A project is said to be in financial close when all requirements of the finance agreement are fulfilled and funds are available.

RTRWL board member and Titagarh Rail’s Deputy Managing Director Prithish Chowdhary said, “The project is progressing well. The company has secured statutory clearances and is in the final stages of achieving financial closure.”

The initial installed capacity of RTRWL’s greenfield production facility in Chennai is expected to be 228,000 wheels annually.

Chaitanya Jalan, whole-time director of Ramkrishna Forgings, said, “The project will be executed in two phases – Phase I, costing Rs 1,810 crore and Phase II (Rs 370 crore). Funding will come from a combination of debt and equity in a 70:30 ratio.”

RTRWL, a joint venture with a 51:49 ownership split, aims to secure approximately Rs 1,530 crore in debt, with Ind Ra providing a stable rating for its term loan. Equity capital of Rs 650 crore will be progressively infused according to the parent companies’ shareholding as construction progresses, according to company officials.

Phase I operations are set to start in April 2026 with a capacity of 114,000 wheels annually. Phase II will add another 114,000 wheels by 2028-29.

Jalan stated, “The company will initially prioritise fulfilling the requirements of Indian Railways as per the wheel supply agreement programme, with the remainder addressing demand from private players in both domestic and export markets.”

As part of the ‘Atmanirbhar Bharat’ initiative, RTRWL will supply up to 80,000 forged rail wheels annually (35% of installed capacity) over 20 years under an agreement with the Ministry of Railways.

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