Titagarh Rail Systems Ltd Associate Company Completes Business Unit Transfer for 66,095,000 EUR

Titagarh Rail Systems Ltd has informed about the completion of the transfer of a business unit of its overseas associate company, Titagarh Firema SpA, to Ferroviere Della Stato’- State Railways for a net consideration of 66,095,000 EUR. The consideration was used to pay secured and unsecured creditors of Firema under the CNC process. The residual assets of Firema will be dealt with by its Board. Firema was acquired by Titagarh Rail Systems Limited in 2015 and has helped TRSL to establish its Passenger Rolling Stock business in India. Due to various circumstances, Firema has been incurring substantial losses, and this transfer will help in stopping cash needs from TRSL. TRSL is currently executing several prestigious orders for Metro Coaches, Vande Bharat Trains, and propulsion systems with a total order book of INR 10,791 Crores. The transfer will not impact TRSL's operations as it has already established its facility and competence to execute this business independently.