Titagarh Rail Systems Ltd Provides Shortfall Undertaking for Joint Venture Company - Rs. 1,527 Crore

Titagarh Rail Systems Ltd has provided a shortfall undertaking for Ramkrishna Titagarh Rail Wheels Limited (RTRWL), a joint venture company, in respect of a term loan facility of Rs. 1,527 Crore. The undertaking is in proportion to the 49% shareholding of the company in RTRWL. The company's JV partner has also provided a similar undertaking. The undertaking is treated as a contingent liability for the company and there is no impact at this point. The company's directors, Mr. Prithish Chowdhary and Mr. Anil Kumar Agarwal, are common directors in RTRWL.