Touax Group, Texmaco Rail & Engineering Limited, and
TrinityRail Global, Inc (“Trinity”), a subsidiary of Trinity Industries, Inc,
have announced Trinity’s entry into their railcar leasing joint venture, Touax
Texmaco Railcar Leasing Pvt Ltd (‘TTRL’). Trinity will hold a 32 per cent
stake, strengthening TTRL’s market position, driving growth, and continuing to
provide leasing and asset solutions in the high-growth Indian market. Touax
Group will consolidate TTRL under IFRS norms.
Saroj Kumar Poddar, Chairman, Texmaco Rail & Engineering
Limited, said, “This partnership marks a defining moment for India’s freight
rail ecosystem. By combining Touax’s leasing expertise, Trinity’s global rail
technology leadership, and Texmaco’s manufacturing and market strengths, we are
building a scalable, resilient, and globally benchmarked platform. It aligns
closely with India’s long-term objective of increasing rail’s share in freight
transportation through private participation and innovation.”
This is the first global collaboration combining an Indian
rail manufacturer, a European railcar lessor, and a North American railcar
manufacturer and lessor in a single, near-equally owned platform, positioning
India at the centre of next-generation freight rail innovation.
The partnership integrates manufacturing, leasing, and
railcar technology into one platform. By combining global-scale manufacturing
with professional leasing and lifecycle management, TTRL aims to deliver
best-in-class rolling stock, reduce maintenance costs, improve asset
utilisation, shorten production timelines, introduce new railcar designs, adopt
advanced lifecycle technologies, lower emissions, and improve sustainability
outcomes. Access to global capital and competitive financing is expected to
enhance leasing efficiency, reduce costs, and accelerate market adoption.
The announcement comes as India seeks to raise rail’s share
of freight movement from 27 per cent to 45 per cent. The expected growth in
freight volumes will drive incremental demand for freight wagons, creating
opportunities for private investment. The new platform is designed to meet this
demand with modern rolling stock, professional leasing, lifecycle management,
and global financing access.
Jean Savage, CEO & President, Trinity Industries, Inc,
said, “India represents a compelling long-term opportunity for rail freight
growth. Through this partnership with Texmaco and Touax, Trinity will bring
advanced wagon designs, lease finance experience, and lifecycle expertise to
India. Our equity participation reflects a long-term commitment to building a
best-in-class leasing platform focused on performance, safety, and
sustainability.”
The structure builds on the existing Touax–Texmaco Railcar
Leasing platform, established to introduce globally benchmarked freight wagons
under liberalised wagon investment and leasing schemes. Trinity’s participation
adds technological depth, financial strength, and global best practices.
Fabrice Walewski, General Partner & CEO, Touax Group,
said, “India is a strategic growth market for Touax. With Trinity joining our
partnership with Texmaco, the platform gains significant technological and
financial scale. Together, we are building a robust leasing ecosystem capable
of supporting India’s expanding freight needs with modern, efficient, and
reliable rolling stock.”
Collectively, the partners will deliver India’s most
comprehensive railcar leasing ecosystem, covering design, manufacturing,
leasing, maintenance, lifecycle engineering, and financing through a single,
globally benchmarked platform tailored for Indian conditions.
Trinity’s portfolio includes advanced freight wagon designs
with higher payloads, lower lifecycle costs, enhanced safety, and predictive
maintenance. The partnership will introduce leading designs in India and adapt
them locally via Texmaco’s Global Capability Centre (GCC).
The collaboration emphasises indigenised manufacturing,
leveraging Texmaco’s pan-India presence and production capabilities to enhance
domestic value creation, strengthen supply chains, and align with Atmanirbhar
Bharat objectives.
Through asset-light, accretive operating leasing models,
customers gain access to modern rolling stock without upfront capital
investment. Combining global financing with professional asset management, the
platform aims to improve returns, accelerate fleet adoption, and support
India’s ambition to reduce logistics costs from 14 per cent of GDP towards
global benchmarks. TTRL’s experienced management team, backed by its
shareholders, will execute this strategy and scale the platform sustainably.