India: US-based freight car builder has acquired a 32% stake in the joint venture Touax Texmaco Railcar Leasing (TTRL). The company was established in 2011 by Texmaco Rail, one of India’s largest freight wagon manufacturers, and French leasing company Touax Group.
In a joint press release, the three companies noted that Trinity Rail’s entry comes against the backdrop of India’s ambition to increase the share of rail freight in total goods transport from 27% to 45%, driving a growing demand for freight wagons. A draft government plan published in late 2020 estimated India’s requirement for new freight wagons at more than 540,000 units by 2031 — an 85% increase on the 2020 fleet — rising to 1.1 mln units by 2051, a 262% increase. It is worth noting that in early 2026, a leasing company was approved for another major Indian manufacturer, Titagarh Rail Systems.
The three partners have stated their intention to build a freight wagon leasing ecosystem covering the full value chain — from design and manufacturing through to leasing, lifecycle maintenance and financing. Current fleet data for TTRL was not available in open sources at the time of publication. In 2020, the joint venture reported operating more than 600 wagons across five types: container flat wagons, coil wagons, car-carrier wagons, cement hoppers and alumina tank wagons.
Texmaco Rail, part of the Adventz Group, operates seven manufacturing facilities across India. In the last financial year (April 2025 to March 2026), the company delivered nearly 8,400 freight wagons, a 21.1% decline compared with financial year 2024–25. Texmaco Rail had previously established a joint venture with Czech wagon builder Nymwag. Their jointly operated plant in Kolkata, with a design capacity of 2,500 wagons per year, was reported to have opened towards the end of last year. Texmaco Rail has also signed a separate agreement with Trinity Rail under which the two companies plan to establish a research centre in Faridabad.
Trinity Rail operates two manufacturing sites in the United States and two in Mexico. The company’s output is supplied predominantly to the North American and Mexican markets. In the US, Trinity Rail owns and manages a fleet of more than 140,000 wagons offered to the market under various commercial arrangements, including its own leasing structure. According to the company’s financial results, its manufacturing segment generated $1.4 bln in revenue in 2025, down 42%, while the leasing segment contributed $1.2 bln, up 6%. Over the full year 2025, Trinity Rail delivered 9,500 wagons, a 46% decline year-on-year, with an order book valued at $1.7 bln, down 19%.
