Refers to a railway operated by a private company, as opposed to a public or government-run railway. Common in contexts discussing transportation infrastructure.
The private railway in this area is widely used by commuters.
私鉄 is a more common abbreviation for 'private railway', while 民営鉄道 is a longer, more formal term.
国鉄 refers to a national or government-run railway, the opposite of 民営鉄道.
Compound of 民営 (private management) and 鉄道 (railway).