Axis Rail India Limited agreed to acquire KVR Rail Infra Projects Private Limited on September 25, 2012. As on October 1, 2012, the Board of Directors of Axis Rail India approved the transaction and the share exchange ratio recommended by Rahul Bansal & Company. As on March 11, 2013, Axis Rail Board of Directors again approved the transaction and as a part of consideration, Axis Rail India will issue 10 equity shares and 162 optionally convertible redeemable preference shares for every 100 equity shares of KVR Rail Infra Projects. The transaction is subject to approval by High Court and shareholders approval. As on September 4, 2014, the shareholders of Axis Rail India Limited approved the transaction. Rahul Bansal & Company acted as accountant for Axis Rail India.

Subject to the receipt of approval from the shareholders in the Extra-Ordinary General Meeting, they considered and approved the proposal to increase and reclassify the authorised share capital of the Axis Rail and the proposal to issue and allot fully convertible warrants to the tune of 3.3 million Warrants to the persons belonging to the Non-Promoter Category.

Axis Rail India Limited completed the acquisition of KVR Rail Infra Projects Private Limited on January 10, 2015. The transaction has been approved by Hon'ble High Court of Andhra Pradesh.