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Titagarh Wagons Ltd (TWL) on Saturday decided to enter the shipbuilding business. This paves way for Titagarh Marine Ltd (TML), a group company, to become a subsidiary of TWL in the near future.
Mr J.P. Chowdhary, Executive Chairman of TWL, confirmed to Business Line that TML would become subsidiary of TWL. “Moves are now to be initiated towards this end,” he added.
The TWL board met on Saturday and took an in-principle decision to approve a proposal entering into marine shipbuilding through new investment / acquisition.
TML would be fifth subsidiary of TWL. TML will take up two West Bengal-based proposed projects worth around Rs 650 crore and TWL will make the appropriate investment to be the promoter of TML.
The first of two would be located at Kankinara, some 35 km upstream Hooghly river from Kolkata. It would for building offshore supply vessels. The second one for constructing ocean going vessels is to be located at Kulpi, around 78 km downstream from the city.
Net marginally down
Meanwhile, TWL, for the quarter ended December 31, 2011, reported marginally lower net profit at Rs 15.56 crore (Rs 15.88 crore) than the comparable quarter of the previous year.
Last month, it obtained delayed order for about 2,900 wagons from the Indian Railways.
>jayanta_mallick@thehindu.co.in
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