Titagarh Wagons set to rebrand as Titagarh Rail Systems Limited
Titagarh Wagons, an Indian freight and passenger rolling stock manufacturer, has proposed to rebrand as “Titagarh Rail Systems Limited” subject to the required approvals.
The publicly-listed Titagarh Wagons claimed that it holds the top spot in the private sector of Wagon production apart from growing into a top provider of passenger rolling stock including Metro Coaches. The company is also said to be growing within the transit and propulsion systems space.
Presently, Titagarh Wagons is working on the purchase order for 102 Metro coaches for Pune Metro and the delivery of the aluminum body Metro coaches manufactured at its facility located in Uttarpara, West Bengal, which is said to be on the right track.
The company has been involved in a variety of other auctions in this sector and is expected to establish its place in the urban rapid transport systems of India.
In recognizing the need to reflect the company’s expanding business range in the rail systems space, the board of Titagarh Wagons approved the proposed name change at its meeting on 17 March 2023. It would be the first change to the name of the company since it was founded in 1997.
With immediate effect, the company’s board also appointed Saket Kandoi as Director (Freight Rolling Stock). Saket Kandoi has been with the company over the past 16 years. He was initially in charge of freight for some time, before he took over the shipbuilding unit, playing a crucial role in the transit and propulsion systems.
Titagarh Wagons said that its board has also determined to create a new business in India through a joint venture with Italy-based Titagarh Firema (TFA) to acquire the company’s design center in Hyderabad to assist in its transit and propulsion business.
The joint venture company will be Titagarh Firema Engineering Service, which will continue to operate research as well as engineering and design services that support the transit and propulsion business.
Titagarh Wagons’ board has approved an investment of up to INR 5 crores into Titagarh Firema’s joint venture company with 51 percent of the equity in the hands of the Italian firm while 49% will be held by Titagarh, India.
Umesh Chowdhary — Titagarh Wagons Vice Chairman and Managing Director said: “We are pleased by the series of corporate decisions announced today which fit in with the Company’s vision of strengthening our leadership position and emerge as the pre-eminent integrated manufacturer in the Rail ecosystem.
“The first of those is a change proposed in the name of the Company to Titagarh Rail Systems Limited which reflects our presence across the entire gamut of operations across 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.”