Utilize the input text as a context reference, choose the right relationship between Indian Railways and India from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

If large state-run organizations such as the Indian Railways and the India Post were listed on the stock exchange, the total market capitalization would have been significantly higher.

Answer: location_of_formation