Titagarh Rail Systems update on additional investment into Titagarh Firema S.p.A, Italy (associate company)

Titagarh Rail Systems (TRSL) announced that its JV-SPV, Shivaliks Mercantile has acquired 28.23% additional stake in the equity share capital of Titagarh Firema S.p.A, Italy (Firema), an associate company of TRSL on 21 February 2024 for a consideration in cash aggerating Euro 20.21 million (equivalent to Rs 180.33 crore), to grow capabilities and capacities for various products in India and globally.

Following the aforesaid acquisition, the total shareholding of Shivaliks in Firema has gone up to 34.59%.

Invitalia, investment arm of the Government of Italy has also made fresh investment of Euro 10 million in Firema pursuant whereto its stake in Firema has increased to 31.01%.

With the aforesaid investments, the current shareholding of TRSL in Firema stands at 25.43%.

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