TWL and FCA falls apart, dissolve their joint venture Titagarh FreightCar Private Limited

KOLKATA: Titagarh Wagons ( TWL) and FreightCar America, Inc. (FCA) have agreed to wind up and dissolve their Indian joint venture company, Titagarh FreightCar Private Limited.

Formed in 2008, the two companies had entered into a joint venture agreement, principally to develop and manufacture aluminum coal-carrying rail wagons in India.

The company's media statement issued on Saturday states that the joint venture firm had begun the process of obtaining approval from the Indian Railways- Research Designs and Standards Organisation (RDSO) for aluminum wagon designs soon after its incorporation. "Over time, it be-came clear that approval from the RDSO would not be obtained in an acceptable time-frame. The 49:51 joint venture company formally notified the RDSO in June 2012 that it would not pursue its request for design approval further," the release stated.

TWL vice chairman & managing director Umesh Chowdhary said: "We had big plans for the JV company. However, those plans did not fructify despite considerable effort. After lengthy discussions, Titagarh Wagons and FreightCar America have decided to dissolve the joint venture company and part ways amicably."