Buoyed by the acquisition of Italian rolling stock maker Firema Transporti SpA and increasing global presence, wagon maker Titagarh Wagons...
Buoyed by the acquisition of Italian rolling stock maker Firema Transporti SpA and increasing global presence, wagon maker Titagarh Wagons (TWL) on Thursday said it would be eyeing West Asian and African markets in both freight and passenger segments.
After the recent acquisition, the Kolkata-based company is planning to cater to India’s rapidly growing market for modern Metro coaches and high-speed trains in the passenger segment.
“We had been scouting for partners for making Metro coaches to cater to high domestic demands. After the acquisition of Firema, we became the first Indian wagon maker to have the Metro coach manufacturing technology,” Titagarh Wagons VC and MD Umesh Chowdhary told a media conference. At present, Metro coach manufacturing market in India is dominated by foreign players.
Titagarh Wagons will upgrade its Uttarpara Unit in West Bengal to absorb the technology from newly-acquired Firema Transporti to cater to the domestic market.
The Italian firm has been acquired through TWL’s step down subsidiary Titagarh Firema Adler Spa (TFA), registered in Milano. The value of the deal is about 25 million euros, which includes acquisition cost and immediate requirement for working capital. Firema has four manufacturing facilities in Italy.