Abstract Reliability centred maintenance (RCM) is a new strategic framework for ensuring that any asset continues to perform, as its users want it to perform. RCM is a process used to determine the maintenance requirement of any physical asset in its operating context. RCM process entails asking seven questions about each of the selected assets. It makes use of two documents namely, RCM information worksheet and RCM decision worksheet. RCM decision diagram integrates all the decision processes into a single strategic framework. RCM concept developed by US commercial airlines industry has been successfully implemented by Military, Navy, Nuclear power plants, electric power generation and distribution undertakings and several other sectors. These projects have been carried out in the United Kingdom, The Republic of Ireland, the United States, Hong Kong, Australia, Spain and Singapore. The fact that people has enthusiastically received RCM at all levels and has enabled users to achieve some remarkable successes in all of these countries, suggests that it can be universally employed. Literature review indicates that RCM approach is not conventionally applied in process industries in India. Presently, predictive maintenance (PDM) approach along with conventional preventive maintenance is used in continuous/process industries. This approach if implemented in totality will increase the production cost to a large degree and make the production uneconomical. Similarly breakdown maintenance (BDM) approach cannot be applied in such industries as each breakdown involves huge costs. RCM approach is a compromise between PDM and BDM approach for optimising the cost and ensuring the availability of machine. The RCM approach has been applied to the tilting table system of rolling mill for the research work reported in this paper. In the present study, preventive maintenance tasks suggested for power transmission subsystem, guiding and transportation subsystem and hydraulic subsystem in tilting tables are 14 scheduled on-condition tasks, 10 scheduled on-restoration tasks, seven scheduled discard task. Whereas for 14 failure modes no scheduled maintenance has been proposed. Existing maintenance schedule for tilting tables indicates the maintenance action as and when required. Hence RCM based schedule specifies that additional preventive maintenance tasks need to be executed as compared to none initially. Cost incurred for this can be offset from the savings accrued from reduction in loss of production due to repetitive breakdowns. The methodology of RCM adopted in western industries cannot be applied as it is to Indian industries because of labour oriented nature, partially computerised information systems, non-availability of the information about cost of loss of production due to breakdown and age-reliability pattern of equipment, insufficient maintenance database. These problems can be overcome by development of sound MMIS, formulation of RCM review group and imparting suitable training to acquire the relevant skills in RCM. Thus RCM methodology can be applied to Indian industry for reduction of breakdowns as well as optimisation of preventive maintenance cost. This can further boost up the prospects of Indian industry to offer the products at globally competitive prices.