Kolkata, Nov 20(UNI) Wagon manufacturer Titagarh Wagons expects slowdown in its revenue target for 2008-09 because of global economic recession, Chairman J P Chowdhury said here today.
"In the first half we achieved 47 per cent of our revenue target but there will definitely be some impact because of the current economic downturn," he told reporters on the sidelines of Bridge Biz, a steel seminar, organised by CII.
Titagarh Wagons, which had earned about Rs 600 crore last year, set a revenue target of Rs 1000 crore this fiscal.
In reply to a question, Mr Chowdhury, however, said the company would go ahead with its capital expenditure for modernisation and introduction of new technology in its two units besides setting up of a joint venture with the S K Birla group for revival of Cimmco Birla Ltd.
Based in Rajsthan, Cimmco used to manufacture railway wagons, cement and hydraulic equipment.
The unit would be ready for production in three months, the chairman said without giving details.
The company was also in the process of forming a joint venture company with FreightCar America Inc for which an agreement was signed.
The proposal was approved by the Foreign Investment Promotion Board.
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