CM to inaugurate capacity expansion for wagons

kolkata: Chief Minister Mamata Banerjee will lay the foundation stone for the new stainless steel coach manufacturing facility of Titagarh Wagons while attending the occasion of its 25 years celebration on July 27 (Wednesday) at the latter's plant in Uttarpara, Hooghly. Banerjee will also lay the foundation stone of the proposed shipyard at Falta.

She will inaugurate the capacity expansion for wagons in Titagarh and propulsion production for traction motors, traction converters etc. Members of the Board of Directors of Titagarh Wagons, including its Chairman JP Chowdhury and vice-chairman-cum managing-director Umesh Chowdhury, will be present during the occasion. According to sources in Titagarh Wagons, the Italian government is likely to acquire at least a 20 per cent stake in Titagarh Wagons's wholly-owned subsidiary Firema, SPA. Invitalia, the Italian government's investment promotion agency, will be acquiring a 20-30 per cent stake in Firema.

Titagarh Group was in dialogue with the Italian government for capital support after the company faced financial headwinds during the pandemic. Firema, which is executing railway projects in Europe, is also instrumental in building India's first aluminum coach, for the Pune Metro. Italian railway firm Firema was taken over by the Kolkata-based Titagarh Group in 2015.