<h1>State-owned rail PSU and private manufacturer form joint venture to build wagons, locomotives, coaches and pursue AI, green exports</h1> A private rolling-stock manufacturer and a state-owned rail infrastructure PSU have formed a joint venture to produce freight and passenger rolling stock - including wagons, locomotives, coaches, trainsets and metro cars - and to undertake EPC projects, depot operations and global tenders. The private firm will hold 49% and the PSU a majority stake; the transaction is expected to close by December 2025, subject to approvals. The JV will pursue automation, AI and green technologies to boost export competitiveness and domestic manufacturing capacity, leveraging existing manufacturing units across multiple Indian states.