Our Bureau
Updated - March 12, 2018 at 01:42 PM.
Titagarh Wagons Ltd (TWL) said on Wednesday that it signed an one-time deal of supplying 10 rakes of container-carrying wagons with the local leasing arm of NYSE-listed GATX Corp.
within 10 months
Mr Umesh Choudahary, Vice-Chairman and Managing Director of TWL, told Business Line that the rakes were to be supplied within 10 months.
under new wagon scheme
The agreement also provides GATX subsidiary, GATX India Pvt Ltd (GIPL), an option to buy four more rakes.
“The leasing outfit of the US major was the first to get licence from the Indian Railways under its new wagon leasing scheme”, he said.
Under the scheme, GIPL is allowed to buy and lease to both private and public sector companies.
According to Mr Saurabh Sood, Managing Director of GIPL, it had plans for India and chose to enter the market with Titagar Wagons.
developing new designs
“GIPL looks forward to working with Titagarh to develop new designs for the Indian rail market”, he added.
joint venture agreement
Earlier this month, wagon maker Texmaco Rail and Engineering Ltd entered into a joint venture agreement with the French group Touax Rail for wagon leasing business.
This 50:50 joint venture will, according to industry insiders, take some months to procure the leasing licence.
The new scheme relaxed norms for procurement of wagons on lease.
The current norms permitted third parties to own and lease wagons.
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