Kolkata, March 18 Freight and passenger rolling stock manufacturer, Titagarh Wagons Ltd, has proposed change in the company’s name to Titagarh Rail Systems Ltd subject to necessary approvals. The company not only occupies the top spot in private sector wagon manufacturing but also has become a leading supplier of passenger rolling stock including metro coaches and is growing in the transit and propulsion systems space.
The company is currently executing the order for 102 metro coaches for Pune Metro which is being manufactured at its Uttarpara facility in West Bengal. The delivery of the coaches is on track. Titagarh has participated in various other tenders in this segment and is set to consolidate its position in urban rapid transport system.
“Taking note of the need to reflect its expanded business portfolio in rail systems space, the board of Titagarh approved the proposed change in name at its meeting held on March 17, 2023. This would be the first change in the company’s name since its incorporation in 1997,” the company said in a regulatory filing to stock exchanges on Saturday.
The company’s board has also appointed Saket Kandoi as Director (Freight Rolling Stock) with immediate effect. Kandoi has been associated with the company for the last 16 years during which he initially handled freight business for a few years and then took over shipbuilding division with a key role in transit and propulsion systems space simultaneously. Having gained rich experience in operations and marketing, he has now been assigned to head the Freight Rolling Stock domain in place of Sudipta Mukherjee.
New joint venture
The board has also decided to incorporate a new company in India in a joint venture with Titagarh Firema SpA, (TFA) Italy to acquire the company’s design centre in Hyderabad to support the transit and propulsion business. The new company with the proposed name: Titagarh Firema Engineering Services Pvt Ltd will carry on the business of research, engineering and design related services to support transit and propulsion business. The board has approved a maximum investment of ₹5 crore in the joint venture company with 51 per of the equity to be held by TFA and 49 per cent by Titagarh, India.
“We are pleased by the series of corporate decisions announced today.. The first of those is a change proposed in the name of the company to Titagarh Rail Systems Ltd which reflects our presence across the entire gamut of operations in the rail ecosystem. With a very healthy order book, Titagarh is all set to scale new heights in rail systems business including freight rolling stock. This is a very exciting time for Titagarh as we continue to participate in the growth of India in rail ecosystem and contribute to Atma Nirbhar initiative of the Government of India,” Umesh Chowdhary, Vice Chairman & Managing Director, Titagarh Wagons said in the notification.
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