The Indian Railways is one of the world's largest state-owned enterprises with around 1.4 million employees, over 63,000 kilometres of network, running around 13,000 trains each day. Bankruptcy to Billions reveals for the first time how the Indian Railways transformed from near bankruptcy to post US$ 6 billion (Rs 25,000 crore) annual cash surplus in 2008. This book is a case study of how the Indian Railways brought a revolutionary change in its infrastructure to script its own success story. Defining and evaluating the conventional policy approach to reform large state-owned enterprises, this book comprehensively analyses Railways' innovative modus operandi that changed its status from a 'profit averse' to a 'profit oriented' organization. Providing valuable insights into other state-owned enterprises, Bankruptcy to Billions unveils the real story of the transformation of the Indian Railways.