core sector communique

TITAGARH WAGONS SIGNS AGREEMENT WITH GATX, ONE OF THE WORLD’S LARGEST WAGON LEASING COMPANIES

-BECOMES THE FIRST BENEFICIARY OF WAGON LEASING SCHEME OF INDIAN RAILWAYS

23^rd May 2012: Titagarh Wagons Limited and GATX India Private Limited (“GIPL”), a subsidiary of GATX Corporation (NYSE: GMT), signed an agreement for the supply of 10 rakes of BLC wagons to the latter under the wagon leasing scheme introduced by Indian Railways.

GIPL earlier this month signed an agreement with Indian Railways to become the first wagon leasing company under the Wagon Leasing Scheme in India. Under this scheme, GIPL plans to purchase wagons and lease them out to various customers in private and public sector.

Commenting on this development, Managing Director and Country Head of GIPL, Mr. Saurabh Sood, said “We have large plans for India and we have chosen to enter the market with this wagon purchase from Titagarh. GIPL looks forward to working with Titagarh to develop new designs for the Indian rail market.”

Commenting on the same, Mr Umesh Chowdhary, Vice Chairman & Managing Director of Titagarh Wagons said, “We are indeed honoured to have been chosen as a wagon supplier by GIPL. GATX is one of the world’s largest lessors of wagons and we are sure that they would have significant presence in India as well.”

About GATX India Private Limited: GATX India Private Limited (“GIPL”), established as a subsidiary of GATX Corporation in 2010, provides rail wagon lease financing and related services. GIPL intends to be the leader in leasing of rail wagons in India. Leveraging over a century of operating experience and strong market and asset expertise in North America and Europe, GIPL will continue the tradition of providing quality assets and services to customers in India.

About GATX Corporation: GATX Corporation (NYSE:GMT) strives to be recognized as the finest railcar leasing company in the world by its customers, its shareholders, its employees and the communities where it operates. Controlling one of the largest railcar fleets in the world, GATX has been providing quality railcars and services to its customers for 114 years. GATX has been headquartered in Chicago, Illinois since its founding in 1898 and has traded on the New York Stock Exchange since 1916. 

About Titagarh Wagons Ltd.: Incorporated in 1997-98, Titagarh Wagons Ltd. is one of the leading private sector Wagon manufacturers in India. The Company is engaged in the business of manufacturing Railway Wagons, EMUs (Coaches), Bailey Bridges, Heavy Earth Moving and Mining Equipment,Steel and SG iron castings of moderate to complex configuration etc. As an “Industry Partner” to the Defence Research and Development Establishment, Ministry of Defence, it also manufactures other products for the Indian Defence establishment, such as special wagons, shelters and other engineering equipments.