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Titagarh Rail on Sunday, February 17, said it has received an order from the Ministry of Defence to manufacture and supply 250 specialised wagons.
The value of the order is around ₹170 crore and the contract is scheduled to begin 12 months after its signing and is to be completed in 36 months.
Last month, the Kolkata-based company teamed up with the Amber Group from Delhi to venture into the railway component and subsystem business. The companies have formed a special purpose vehicle (SPV) aimed at enhancing their presence in both India and Europe.
Umesh Chowdhary, the Vice Chairman and Managing Director of Titagarh Rail Systems, had told a media source that the deal is designed to create new opportunities for them in Europe. The focus will be on manufacturing subsystems and train interiors in India and the European Union (EU).
Titagarh Rail Systems shares ended 0.53% higher at ₹953.7 apiece on Friday, February 16. The stock has fallen 11.6% in the past month. However, it has gained 44.13% in the last six months and 104.04% in the past year.
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