Japanese engineering cos joinTexmaco to produce coaches for Metro in India

Japanese engineering cos joinTexmaco to produce coaches for Metro in India
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First Published: Fri, Jul 24 2009. 12 11 AM IST
Updated: Fri, Jul 24 2009. 12 11 AM IST
Kolkata: Japanese engineering giants Kawasaki Heavy Engineering Ltd, Itochu Corp. and Toshiba Corp. are set to join forces with wagon maker Texmaco Ltd and its Australian partner United Group Ltd (UGL) to manufacture passenger coaches for being used by metro railway in India.
Texmaco and UGL have a 50:50 joint venture. The Japanese firms are going to build a manufacturing unit in partnership with the Texmaco-UGL joint venture near Kolkata, according to Saroj Poddar, Texmaco’s chairman. We (Texmaco-UGL) will hold a minority stake in the (proposed) joint venture with the Japanese companies,he added.
The proposed joint venture company’s manufacturing unit is estimated to cost Rs200-300 crore, according to Texmaco’s president and chief executive officer Ramesh Maheswari.
Meanwhile, Texmaco said it would sell shares worth Rs150 crore to institutions next week. The money would be used to expand the production capacity of the Texmaco-UGL joint venture.
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First Published: Fri, Jul 24 2009. 12 11 AM IST