TWL to invest Rs 37 crore for expanding operation

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Kolkata, Mar 15 (UNI) Titagarh Wagons (TWL) plans to invest Rs 37 crore for expansion of its operation, including setting up of a EMU coach manufacturing facility in West Bengal, Managing Director Umesh Chowdhary today said.

He said the company would tap the capital market to mobilise funds for part financing its expansion programme and acquire 51 per cent stake in wagon manufacturer Cimmco Birla, which was referred to Bureau of Industrial and Financial Reconstruction (BIFR).

''We will set up an EMU coach manufacturing facility at the Uttarpara unit at Rs 18.74 crore. Another Rs 18.84 crore would be spent till fiscal 2009 in modernising the Titagarh and Uttarpara units, '' he said.

To a question, the MD said an axle machining and wheelset assembly facility would be set up at the Uttarpara unit. If the scheme of revival in Cimmco Birla was sanctioned by BIFR, Titagarh Wagons would invest up to Rs 35 crore to acquire 51 per cent equity in Cimmco Birla.

The company would raise Rs 128-145 crore through an initial public offering through the 100 per cent book-building route.

The issue would open on March 24 and close on March 27.

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