KiwiRail says there are no plans to sell off land or any part of its rail business if a planned split goes ahead.
The state-owned enterprise is proposing the change should happen in July next year.
One entity would hold all land in the rail corridor, which is valued at about $5 billion. The other, likely to be called KiwiRail, would be responsible for about $1 billion worth of assets and day-to-day rail operations.
The company says the land does not generate a profit at the moment and distorts its balance sheet.
Chief executive Jim Quinn says the split is about good business and not about selling off anything.
The Government has to sign off the proposal before any split can occur.
