India’s pride in high-speed railway travel is reflected in premium trains like the Rajdhani Express, Shatabdi Express, and Vande Bharat Express. These trains are widely recognised for their speed, comfort, and modern amenities. But have you ever wondered who actually owns these trains? While they run under the banner of Indian Railways, the real ownership lies elsewhere.

Surprisingly, it’s not Indian Railways but the Indian Railway Finance Corporation (IRFC) that owns these premium trains. IRFC, a government-owned public sector enterprise under the Ministry of Railways, is responsible for financing the majority of assets used by Indian Railways. This includes engines, coaches, wagons, and even many of the trains themselves.

Recently, IRFC was granted Navratna status, elevating its financial and operational autonomy. In an exclusive interview with ABP News, IRFC CMD Manoj Kumar Dubey explained how the new status has empowered the company to make faster decisions and boost lending in the railway sector.

Dubey also revealed that almost 80 percent of passenger and freight trains used by Indian Railways are technically the property of IRFC. These assets are leased to Indian Railways for a period of 30 years, during which the ownership remains with IRFC. The company uses its own funds raised from markets at competitive rates to finance the production and acquisition of coaches and locomotives.

This leasing model allows Indian Railways to run trains without bearing the full financial burden of ownership. From the sleek Vande Bharat to the long-trusted Shatabdi and Rajdhani, these trains remain IRFC’s assets on paper while Indian Railways operates them across the country.

Apart from funding rolling stock, IRFC also plays a key role in financing projects linked to railway infrastructure and logistics. With the new Navratna status, IRFC plans to expand its portfolio beyond traditional lending, strengthening the overall railway ecosystem.

In FY25, Indian Railways achieved a 9 percent growth in coach manufacturing, producing over 7,000 coaches, a reflection of its expanding capacity. But behind this growth is IRFC, silently powering India’s rail revolution.

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