Texmaco to make Metro coaches with Japanese firms
July 23rd, 2009 - 8:52 pm ICT by IANSKolkata, July 23 (IANS) KK Birla group company Texmaco Ltd is in the last leg of finalising a joint venture with three Japanese companies led by Kawasaki to make Metro rail coaches, a top official said here Thursday.
Texmaco will be part of the alliance through its newly formed 50:50 joint venture with the United Group of Australia.
Toshiba and Itochu are the other two Japanese partners in the project.
“The total investment will be Rs.300 crore, which would be used for setting up a greenfield plant near Kolkata,” Texmaco chairman Saroj Kumar Poddar told reporters on the sidelines of the company’s annual general meeting.
Texmaco’s Australian joint venture will invest another Rs.100 crore to make specialised stainless steel wagons, Poddar said.
“We are anticipating that we will have less than 50 percent share in the joint venture with the Japanese consortium,” said company president and chief executive Ramesh Maheswari.
A memorandum of understanding has been signed with the Japanese consortium.
Texmaco, which is predominantly engaged in wagon manufacturing, has a 30 percent market share, and has an order book of Rs.1,800 crore.
The company will raise around Rs.150-200 crore through qualified institutional placement (QIP) routes soon.
“The QIP would meet our immediate investment plans for our project with the Australian partner,” Poddar said.
The company posted a profit after tax of Rs.20.84 crore for the first quarter this fiscal.
- Texmaco against too many wagon-making units - Aug 12, 2010
- Saroj Poddar unifies companies, mulls $2 bn investment - Mar 23, 2011
- Toshiba JSW to export power turbines, generators - Feb 12, 2012
- Wipro, Kawasaki form JV to make hydraulic pumps - Dec 06, 2011
- Tamil Nadu to strengthen roads for Toshiba JSW Turbine's project - Jan 12, 2012
- Haryana's industry scene is a 'mini-Japan' - Jan 23, 2011
- Titagarh Wagons in talks with Japanese bridge maker - Aug 27, 2010
- Texmaco demerges heavy engineering and steel foundry business - Feb 23, 2010
- SAIL investing Rs.20,000 crore for modernising Bengal units - Sep 10, 2011
- Texmaco, United Group tie up to make hi-tech wagons - May 19, 2009
- Institutional placements were flavour of 2009 at Indian markets - Dec 11, 2009
- Texmaco clocks Rs.22.23 crore net profit - Jan 13, 2010
- Hero allowed $1 billion foreign investment - Mar 29, 2011
- Hero Honda is now Hero MotoCorp Limited - Jul 29, 2011
- Gontermann-Peipers expects FMC nod for commodity exchange - Sep 15, 2010
Tags: annual general meeting, australian partner, birla group, company president, crore, group company, institutional placement, investment plans, itochu, japanese companies, japanese consortium, japanese firms, japanese partners, memorandum of understanding, metro rail, poddar, rail coaches, ramesh, rs 1, united group