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Titagarh Wagons is close to acquiring an European rail rolling stock company based in France.
Titagarh, based in this city, has told the stock exchanges its “bid for acquisition as a going concern of a railway rolling stock manufacturing company in Europe has been accepted by the Competent Authorities. However, (this) is subject to fulfillment of certain conditions and the final outcome will be known shortly”.
Titagarh makes rail coaches and earthmover equipment, among other things. Sources indicated the deal, expected to be finalised in a week, is likely to be valued around Rs 300 crore. The target company, apart from having a facility at France, is understood to have market presence in other west Europe countries, too.
Titagarh already has presence in France via a French subsidiary. The Umesh Chowdhary-run company had acquired the assets of Arbel Fauvet Rail out of bankruptcy in the year 2010 and after emerging a successful bidder, started its operations in France under the name of Titagarh Wagons AFR. Earlier this year, the subsidiary bagged an order from the French railways for 400 hopper cereal wagons worth Rs 275 crore.
