The price of each car is Rs 27.86 crore and the total contract value is Rs 866.87 crore.

The contract includes design cost, one-time development cost, non-recurring charges, one-time cost towards Jigs, fixtures, tooling and testing facilities, which will be utilised for all future high-speed projects in India.

"This project marks a significant milestone in India's high-speed rail journey and will see the first indigenously designed and manufactured trainsets with a test speed of 280 kmph,” the company said in a statement.

The trainsets will be built at BEML's Bengaluru rail coach complex and are scheduled for delivery by the end of 2026.

BEML is a multi-technology schedule 'A' company under the Ministry of Defence. It operates under three major business verticals viz., defence & aerospace, mining & construction, and rail & metro. As on 30 June 2024, the Government of India held 54.03% stake in BEML.

The company's consolidated net loss narrowed to Rs 70.47 crore in Q1 FY25 as compared with Rs 75.01 crore reported in Q1 FY24. Revenue from operations grew by 9.91% to Rs 634.08 crore in Q1 FY25 as against Rs 576.91 crore posted in corresponding quarter last year.

The scrip shed 0.71% to currently trade at Rs 3703.95 on the BSE.