Texmaco Rail & Engineering has entered into definitive documentation to purchase the entire shareholding of UGL Rail Services, Australia in Texmaco UGL Rail for a nominal aggregate consideration of Rs 1. Pursuant to the acquisition of the aforesaid shares, Texmaco UGL Rail, which was a 50:50 joint venture between the company and UGL Rail Services, will become a wholly owned subsidiary of the company.
Texmaco Rail & Engineering is one of India’s leading freight car manufacturers and diversified engineering company. The company is the largest supplier of wagons to the Indian Railways in India with strong in-house capabilities for the design and manufacture of special purpose wagons.
