Murari Lal Lohia, a seasoned veteran in the railway wagon industry, has made headlines by entering the 2023 Hurun India Rich List after his company's stock surged by an impressive 253% within six months. His Kolkata-based company, Jupiter Wagons, now boasts a market capitalisation exceeding Rs 19,690 crore. This remarkable increase in wealth has positioned Lohia among the wealthiest individuals in Kolkata, with his net worth estimated at Rs 7,900 crore as of December 2023.
Lohia established Jupiter Wagons in 2006 alongside his son Vivek Lohia, who currently serves as the managing director. The company has diversified its operations from manufacturing railway wagons to expanding into the commercial vehicle sector, including its electric vehicle division, Jupiter Electric Mobility (JEM). This arm of the business is now competing with major players like Tata Motors and Mahindra & Mahindra in the electric mobility market.
At the Auto Expo 2023, Jupiter Wagons introduced two new electric vehicles: the JEM Tez and EV Star CC. While railway wagons accounted for approximately 70% of the company’s revenue in 2021-22, the commercial vehicle segment is gaining momentum and now represents a 24% share. In a strategic move to enhance its capabilities, Jupiter Wagons acquired Commercial Engineers and Body Builders Co. Ltd in 2019.
Listed on the Bombay Stock Exchange in 2022, Jupiter Wagons operates manufacturing facilities in Kolkata, Jamshedpur (Jharkhand), Indore and Jabalpur (Madhya Pradesh) and Baddi (Himachal Pradesh), with an annual production capacity of 8,000 wagons. The company has also formed joint ventures with global leaders such as Tatravagonka and CAF.
Looking ahead, Jupiter Wagons plans to invest Rs 1,500 crore over the next two years to upgrade its manufacturing capabilities and expand its product offerings. This investment will focus on increasing production capacity for both wagons and electric commercial vehicles.
With a robust order book and ambitious growth plans, Murari Lal Lohia's leadership continues to drive Jupiter Wagons towards new heights in the transportation industry.
