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Sumaila Zaman
Sumaila Zaman is a Senior Sub Editor at India.com, where she covers key developments and trending events across education, world affairs, business, and current news. At India.com, she specializes in b ... Read More
New Delhi: Murari Lal Lohia, an industrialist and IIT graduate, is the founder of Jupiter Wagons, a leading railway wagon manufacturing company with a market capitalization of Rs 25,626 crore, recently took on the role of president of East Bengal, marking a significant step in his involvement with the football club.
Murari Lal Lohia, the founder of Kolkata-based Jupiter Wagons, has recently gained significant recognition by entering the 2023 Hurun India Rich List. This achievement comes after his company’s stock soared by an impressive 253 per cent in just six months. With Jupiter Wagons now valued at over Rs 19,690 crore, Lohia’s wealth has skyrocketed, pushing his net worth to an estimated Rs 7,900 crore as of December 2023, securing his place among Kolkata’s wealthiest individuals.
In 2006, Murari Lal Lohia, alongside his son Vivek Lohia, laid the foundation for Jupiter Wagons, which has since become a significant player in the railway wagon manufacturing industry. Vivek graduated from Wharton Business School, USA. He is the Chairman of the National Railway Council of ASSOCHAM and a member of a number of other Chambers like FICCI, CII etc.
Over the years, the company has evolved, expanding its horizons beyond railway wagons into the commercial vehicle sector. A key milestone in their journey has been the launch of Jupiter Electric Mobility (JEM), an electric vehicle division that’s now making waves in the electric mobility market. JEM is quickly becoming a competitor to major industry giants like Tata Motors and Mahindra & Mahindra, marking a new chapter in the Lohia family’s business legacy. Through strategic expansion and innovation, his business is rapidly reshaping the landscape of the commercial vehicle and electric mobility markets, thus giving competition to Mahindra & Mahindra, owned by the Mahindra Group, which is a multinational conglomerate. The company is primarily controlled by the family of Anand Mahindra, who serves as the Managing Director and Vice Chairman of the Mahindra Group
At the Auto Expo 2023, Jupiter Wagons unveiled two exciting new electric vehicles: the JEM Tez and the EV Star CC. While railway wagons made up around 70% of the company’s revenue in 2021-22, the commercial vehicle segment has been growing steadily, now contributing 24% to the total. In a strategic step to strengthen its position in the commercial vehicle market, Jupiter Wagons acquired Commercial Engineers and Body Builders Co. Ltd. in 2019, further expanding its capabilities and scope.
Jupiter Wagons, listed on the Bombay Stock Exchange in 2022, operates several manufacturing facilities across India, including in Kolkata, Jamshedpur (Jharkhand), Indore and Jabalpur (Madhya Pradesh), and Baddi (Himachal Pradesh), with an impressive annual production capacity of 8,000 wagons. The company has also forged strategic joint ventures with global industry leaders like Tatravagonka and CAF, further strengthening its position in the market.
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