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Mumbai (Metro Rail News): On 25 July, Texmaco Rail & Engineering announced that it had acquired a 100% stake in Jindal Rail Infrastructure Limited at an anticipated cost of Rs. 615 crore.
Texmaco announced in a statement that it has executed the agreements with Jindal Rail & Infrastructure Limited (JRIL), JITF Urban Infrastructure Services Limited, and Siddeshwari Tradex Private Limited to acquire the 100% share capital of JRIL on a fully diluted basis.
Texmaco’s Vision
This acquisition outlines the company’s ambitious vision to expand its footsteps in the rolling stock business.
The statement conveyed “Texmaco has announced a 100 per cent acquisition of JRIL in a strategic move to expand its rolling stock business. Valued at around Rs 615 crore, the acquisition is the largest in the history of India’s rolling stock industry,”
Mr. Saroj Kumar Poddar, Chairman of Texamaco, said “The Jindal Rail acquisition will exponentially boost our participation in domestic and foreign markets, catalysing the nation’s economic growth”.
Texmaco, a company under Adventz Group, produces wagons for the bulk transport of various materials, including alumina, cement/fly ash, steel, fuels, chemicals, iron ore (gondola wagons), and automobiles.
Source: PTI
