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
23rd 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.”