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The original (CPR subsidiary) Grand River Railway was absorbed into the CPR in the 1960s, then gradually broken up (with the southern end going to the ORRC as it was abandoned), leaving nothing but the Waterloo branch running from a junction with the CNR south through Kitchener to a junction with the ORRC’s LE&N just south of the Speed River (and trackage rights further south to the CPR’s Galt Division.)

When the United Railway Trust merger happened, this branch was transferred to the ORRC, but to keep some CPR control over the line the corporate shell of the Grand River was dusted off and assigned ownership of this line, with both the ORRC & CPR as corporate parents.

It was promptly electrified after the transfer, and now uses H&B & TSR motors to service industry along the line.