Titagarh Wagons joint bid with ABB fails

Titagarh Wagons joint bid with ABB fails
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First Published: Thu, Jun 24 2010. 01 43 PM IST
Updated: Thu, Jun 24 2010. 01 43 PM IST
Mumbai: Rail wagonmaker Titagarh Wagons Ltd had recently jointly bid for a railway equipment project with capital goods firm ABB Ltd, but the bid did not qualify, a top company official told Reuters.
“That did not work out, we are not proceeding with that,” Umesh Chowdhary, vice chairman of Titagarh Wagons, said over the telephone from Kolkata on Thursday.
ABB officials could not be immediately reached for comment.
The firm has, however, bid for a number of other projects, he said, without giving details but orders from private players are still slow.
Most private players had deferred buying decisions due to an economic slowdown, Chowdhary had told Reuters in February.
Private firms “were in a state of silence for some time. People have started talking once again. The talking is not getting converted into orders as of now,” he said.
Titagarh, which sells the bulk of its wagons to the Indian Railways, had submitted two tenders for about 24,000 wagons in all, in the last fiscal, but it has not been finalized yet, he said.
Earlier, the firm said its bid to acquire a French rail wagon and rolling stock manufacturing unit had been accepted by the court.
The company had in June said it has set up a subsidiary in France.
Chowdhary refused to divulge more details on this until a final decision comes from the court.
Titagarh Wagons, which also makes heavy earth-moving and mining equipment, is currently focusing on raising capacity at Cimmco Birla, a sick unit it jointly controls with the SK Birla Group, he said.
The JV is infusing funds to revive Cimmco -- a maker of similar products -- under a scheme filed with the Board for Industrial and Financial Reconstruction.
Shares in the firm, which were up 1.1% before the announcement, shed gains to trade flat at Rs376 in a weak Mumbai stock market.
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First Published: Thu, Jun 24 2010. 01 43 PM IST