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.