City-based Jupiter Wagons is foraying into the manufacture of metro and high-speed trains in partnership with Spanish firm Construcciones y Auxiliar de Ferrocarriles (CAF). A joint production facility is expected over the next couple of years at an estimated investment of around Rs 200-300 crore.

“We have entered into a JV with a Spanish company called CAF. We are going to be setting up a manufacturing facility with them in India to make both metro coaches, urban mass rapid transport systems along with mainline high-speed trains,” Vivek Lohia, managing director, Jupiter Wagons told The Telegraph.

Jupiter Wagons on Thursday became a listed entity with the completion of the reverse merger with erstwhile listed entity Cebbco, which was acquired as a stressed asset three years ago. “In accounting terms, the balance sheet of Cebbco has merged into the parent company, and now the listed entity is called Jupiter Wagons,” Lohia said.

“As a result of the merger, Jupiter Wagons will be able to use its financial strength to undertake a growth phase that will include upgrading operations to meet current industry demand, expanding into new product development, and market sector consolidation. “It will also contribute to the formation of a powerful organisation with more capital and assets,” Lohia said.