TWL-FreightCar JV yet to possession of land for Bengal factory
The $30 million joint venture project between Titagarh Wagons Ltd and FreightCar America Inc to manufacture aluminium wagons is yet to get the possession of land allotted to it.
By PTI |
KOLKATA: The $30 million joint venture project between Titagarh Wagons Ltd and FreightCar America Inc to manufacture aluminium wagons is yet to get the possession of land allotted to it but officials are hopeful of getting it and begin work this financial year.
The West Bengal government has already allotted about 100 acre land near Barrackpore-Kalyani Highway. "We hope to get the possession of land soon," Chairman of Titagarh Wagons Limited J P Chowdhury said. Meanwhile, the process to design and build the aluminium wagon prototypes at the existing facility for seeking approval from the Railway ministry has begun, Chowdhury said.
Titagarh Wagons CFO Anil Agarwal said commercial production was likely to begin in 2010-11. Agarwal said, "The name and the financing structure of the JV company and board would be finalised soon. It was late due to delay in receiving FIPB nod."
The project was cleared by the FIPB recently. FreightCar will hold 51 per cent stake while, Titagarh Wagons will restrict to 49 per cent in the JV company.
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