Kolkata (KOAA): Titagarh Wagons, a private sector wagon manufacturer from India today announced its foray in the metro coach and high-speed train manufacturing with the acquisition of the business of Firema Trasporti S.p.A based in Italy. The transaction entails transfer of technology, all tangible and intangible assets and some liabilities relating to ongoing orders.
The business has been acquired through a SPV Titagarh Firema Adler S.p.A. registered in Milan, Italy (TFA) in which TWL holds 90% stake and balance 10% stake by Adler Plastics S.p.A a part of a leading Italian group with a revenue of above a billion Euro.
“The funding of about Euro 20-25 million for the acquisition, new investment and operations of the company is planned primarily from internal accruals as well as some proposed external borrowings by Titagarh Singapore Pte, the wholly owned Singapore subsidiary of Titagarh Wagons,” the company said.
Shares of the company gained Rs 3.2, or 2.92%, to trade at Rs 112.90. The total volume of shares traded was 195,263 at the BSE (11.39 a.m., Thursday).