Indian Railways (IR) declared that it had entered a joint venture with Ramakrishna Forgings Ltd to establish the plant to produce forged wheels. In the past 60-70 years, the import was the only choice for India to get forged wheels.

The first phase of the investment was expected to be Rs 650 crore, and the productive capacity would be 2.5 lakh wheels, of which 80,000 will be applied in India local market and the remaining 1.70 lakh will be exported.