is a privately owned company which, on 1 April 1994, took over the concession, granted by the Argentine government as part of railway privatisation during the presidency of Carlos Menem, for the operation of the 1,000 mm (3 ft 3+3⁄8 in) (metre gauge) Belgrano Norte Line commuter rail service in Buenos Aires, Argentina.

The main plan of the concession were based on 3 objectives: Due to the investments, the number of passengers carried increased to 36 million during 1999 and 2000.

The General Auditing Office released a report indicating that the subsidies given by the State to Ferrovías were misappropriated to other companies of the holding which received them as "loans".

[9] In 2015, Ferrovías introduced the Alerce, a railcar manufactured by the Emepa Group that ran trains from Boulogne Sur Mer to Retiro.

[10] Each train had a capacity for 240 passengers and featured intelligent doors, air conditioning, security cameras, disabled access and Wi-Fi.