Economic slowdown to impact Titagarh Wagon’s revenue target

November 20th, 2008 - 3:22 pm ICT by IANS  

Kolkata, Nov 20 (IANS) City-based wagon maker Titagarh Wagons Thursday said the economic downturn could derail its Rs.10-billion revenue target this fiscal.”In the first half of the year, we achieved 47 percent of the revenue target. But definitely there will be some impact of the economic slowdown in the second half,” company chairman J.P. Chowdhary conceded to reporters on the sidelines of a seminar organised by the Confederation of Indian Industry (CII).

But Titagarh Wagons will not move away from its planned Rs.1-billion capital expenditure in 2008-09. “We are sticking to the plan,” Chowdhary said, adding that his company had posted revenues of Rs.6 billion last year.

The investment is aimed at modernising its two plants in West Bengal and introducing new technology.

The company is also reviving a sick company, Cimmco Birla, jointly with the SK Birla group, engaged in diversified fields such as textiles and cement.

Cimmco Birla, which manufactures railway wagons, cement and hydraulic equipment, was closed for the last eight years, but will be ready for production in another two-three months, Chowdhary said.

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