Titagarh Wagons plans subsidiary company in Singapore

Mumbai: Titagarh Wagons has decided to set up a wholly-owned subsidiary company in Singapore. The decision is in line with the company’s aim to build international presence and it has already completed the process of setting up the subsidiary.

The Company has also decided to mark its foray in the financial sector and accordingly has entered into an agreement to acquire the entire ownership and management control of a Non Banking Financial Company (NBFC).

Meanwhile Titagarh Wagons Ltd has entered into a joint venture with Cimmco Birla Ltd (CBL) for the revival of CBL.

“The Company and Sponsor Group) have set up a joint venture for revival of CBL and appropriate funding thereof pursuant to draft Rehabilitation Scheme filed by CBL with the board for Industrial and Financial Reconstruction (BIFR),” the company release said.