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Titagarh Rail Systems Ltd (TRSL), based in Kolkata, has struck a deal with the Amber Group to enter the railway component and subsystem market in India and globally. Under the agreement, TRSL and the Amber group will spend up to ₹120 crores apiece to obtain equal control over the SPV for establishing the new railway component business as well as a new equity investment in Firema, Italy, through its wholly owned subsidiary Sidwal Refrigeration Industries Pvt Ltd.
"Titagarh Rail Systems... and Amber group of Delhi-NCR... agreed to enter the railway component and subsystem business by way of a joint venture company/SPV (special purpose vehicle)," the company said in a filing to the BSE.
This SPV will create a new plant in India to manufacture critical railway components and subsystems for railway and Metro coaches.
It will also make fresh equity investments into Titagarh Firema SpA, Italy, an associate of the Titagarh Group, along with new investment by the Italy government's investment arm, Invitalia, for which an in-principle approval has already been obtained.
"Under the agreement, Firema will grant Sidwal, Titagarh Rail as well as the JVC- SPV a preferred supplier status and right of first refusal for all their products," the company said.
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