New Zealand Rail Limited was later removed from the list of SOEs in the State-Owned Enterprises Act 1986, privatised and later renamed Tranz Rail Holdings Limited by the new shareholders.
New Zealand Railways Corporation still exists as an SOE. Its primary function today is to own the land on which tracks are situated, and to collect a peppercorn rental from Tranz Rail each year for it.
Affectionately known in its heyday before separation in 1990 as Railways, it was at one stage one of New Zealand's biggest employers.