Acquires Firema Trasporti S.p.A based in Italy
Titagarh Wagons announced its foray into 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 in which Titagarh Wagons holds 90% stake and balance 10% by Adler Plastic S.p.A. 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, the wholly owned Singapore subsidiary of Titagarh Wagons.
The local partner, Adler Plastic will help coordinate and provide necessary local support and relationships, and will also provide modern interiors for the trains.
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