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Corporate News
25-Jan-24
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Titagarh Rail Systems and Sidwal ink deal for joint partnership in Shivaliks Mercantile
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Titagarh Rail Systems (Titagarh) announced that binding definitive agreements have been entered amongst, Sidwal Refrigeration Industries (Sidwal), a leader in the train and metro air conditioner market in India [wholly owned material subsidiary of Amber Enterprises India] and Titagarh and its promoters and Shivaliks Mercantile (Shivaliks), an existing company within the meaning of the Companies Act 2013, for
undertaking investment by Sidwal & Titagarh in Shivaliks, which will become a Joint Venture – Special Purpose Vehicle Company (JV-SPV), to carry on the business of railway components and sub systems for the rolling stock industry in India and overseas and also expand their business into the global markets.
Pursuant to the said definitive agreements, the proposed JV-SPV - Shivaliks will be controlled equally by Sidwal and Titagarh. Through Shivaliks, Sidwal and Titagarh are desirous of undertaking investment in Titagarh Firema SpA, Italy (Firema) which is inter alia, in the rolling stocks space, in order to grow capabilities and capacities
for various products in India and globally.
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