Business Daily from THE HINDU group of publications
Saturday, March 15, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Saturday, March 15, 2008 ePaper | Mobile/PDA Version |
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News Update as at 18.00 hrs (IST)
Corporate Titagarh Wagons to expand operation in West Bengal KOLKATA: Titagarh Wagons (TWL) said on Saturday that it would invest over Rs 37 crore to expand the company's operation in West Bengal. The wagon-maker would tap the capital market to raise funds to part finance its expansion plans and acquire 51 per cen t stake in wagon-maker Cimmco Birla referred to BIFR. "We will set up an EMU coach manufacturing facility at the Uttarpara unit at a cost of Rs 18.74 crore and another Rs 18.84 crore would be spent till fiscal 2009 in modernising the Titagarh and Uttarpara units," the Managing Director of TWL Mr Umesh Chowd hary said. An axle machining and wheelset assembly facility would be set up at the Uttarpara unit. He said if the scheme of revival in Cimmco Birla was sanctioned by BIFR, Titagarh Wagons would invest up to Rs 35 crore to acquire 51 per cent equity in Cimmco Birla. The scheme would be submitted soon, the company said. The company would raise Rs 128-145 crore through an initial public offering through the 100 per cent book-building route. The issue would open on March 24 and close on March 27. - PTI
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