Titagarh Wagons to bid for Railway PPP projects;
Shareholders approve dividend of 50%
Kolkata, Aug.27, 2010: The shareholders of Titagarh Wagons Ltd (TWL) approved a dividend of Rs.5/- per share (50%) at the Annual General Meeting held today.
Titagarh Wagons Ltd (TWL) is reasonably confident of maintaining its growth momentum in the current year even as inordinate delay in release of wagon orders by the Indian Railways threatens to impact the Company’s working in the near term. In a proactive move, the Company has started de risking its businesses and is bidding for private-public partnership (PPP) projects announced by the Railways besides placing sharp focus on enhancing production of Rail Coaches (EMUs), thus building on the first mover’s advantages in this segment.
With the acquisition of assets of AFR, a wagons/rolling stock unit in France, in July this year, the Company is set to make its presence felt in international markets while consolidating the wagon capacities in the domestic market. Titagarh AFR has already secured an order from a European customer for manufacture and supply of 112 wagons with an option for a further order of about 200 wagons.
As a Co-promoter, TWL has infused funds for rehabilitation of Cimmco Limited (Cimmco) pursuant to the draft Scheme of Rehabilitation, through a Special Purpose Vehicle set up in joint venture with the Birlas, for the purpose. The revival as per the Scheme sanctioned by the BIFR is ongoing. Cimmco has facilities sprawling over 188 acres of land with post revival capacity to manufacture about 6000 Wagons besides hydro mechanical division and other heavy engineering product capabilities.
Addressing shareholders at the Company’s annual general meeting today the Executive Chairman, Shri J P Chowdhary said: “As approved by the shareholders at the AGM today the Promoters will invest about Rs.48 Crores by way of Preferential Allotment of Warrants convertible into Equity Shares thereby taking the total shareholding of Promoters/Promoter Group from 49% to 52%.”
Shri Umesh Chowdhary, Vice Chairman said: “We are sharply focused on gradual shift in the product mix and would continue to work towards widening the Company’s railway sector footprint. Our strategy is to capitalize on the rapidly growing railway sector on the one hand and de-risking our businesses on the other.”
Shareholders approve dividend of 50%
Kolkata, Aug.27, 2010: The shareholders of Titagarh Wagons Ltd (TWL) approved a dividend of Rs.5/- per share (50%) at the Annual General Meeting held today.
Titagarh Wagons Ltd (TWL) is reasonably confident of maintaining its growth momentum in the current year even as inordinate delay in release of wagon orders by the Indian Railways threatens to impact the Company’s working in the near term. In a proactive move, the Company has started de risking its businesses and is bidding for private-public partnership (PPP) projects announced by the Railways besides placing sharp focus on enhancing production of Rail Coaches (EMUs), thus building on the first mover’s advantages in this segment.
With the acquisition of assets of AFR, a wagons/rolling stock unit in France, in July this year, the Company is set to make its presence felt in international markets while consolidating the wagon capacities in the domestic market. Titagarh AFR has already secured an order from a European customer for manufacture and supply of 112 wagons with an option for a further order of about 200 wagons.
As a Co-promoter, TWL has infused funds for rehabilitation of Cimmco Limited (Cimmco) pursuant to the draft Scheme of Rehabilitation, through a Special Purpose Vehicle set up in joint venture with the Birlas, for the purpose. The revival as per the Scheme sanctioned by the BIFR is ongoing. Cimmco has facilities sprawling over 188 acres of land with post revival capacity to manufacture about 6000 Wagons besides hydro mechanical division and other heavy engineering product capabilities.
Addressing shareholders at the Company’s annual general meeting today the Executive Chairman, Shri J P Chowdhary said: “As approved by the shareholders at the AGM today the Promoters will invest about Rs.48 Crores by way of Preferential Allotment of Warrants convertible into Equity Shares thereby taking the total shareholding of Promoters/Promoter Group from 49% to 52%.”
Shri Umesh Chowdhary, Vice Chairman said: “We are sharply focused on gradual shift in the product mix and would continue to work towards widening the Company’s railway sector footprint. Our strategy is to capitalize on the rapidly growing railway sector on the one hand and de-risking our businesses on the other.”
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