Kolkata-based wagon manufacturer, Titagarh Wagons, has announced bagging orders worth Rs 1,125 crore from the Maharashtra Metro Rail Corporation. The consortium formed by Titagarh Wagons with its wholly-owned subsidiary, Titagarh Firema SpA has emerged as the lowest bidder in the tender issued by Maharashtra Metro Rail Corporation (MAHA-METRO) for “design, manufacture, supply, testing, commissioning of passenger rolling stock (Electrical Multiple Units) And training of personnel” for Pune Metro Rail Project.
The joint bidding by the consortium was made for design, manufacture and supply of 102 metro coaches for Pune Metro Rail. As per the tender documents, first three-car prototype metro trainset is required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks.
The order valued at approximately Rs 1,125 crore is likely to be issued in the next few days and more details would be intimated by the company upon receipt of the formal order.
Previously this year, the company secured an order from Ferrovia Circumetnea, Italy, valued at about Rs 1,741 crore. Titagarh Firema SPA, the wholly-owned subsidiary of the company in Italy (TFA), has been awarded the letter of acceptance for design, manufacture and supply of 54 units of metro for Ferrovia Circumetnea, Italy, the company had then said in a regulatory filing.
The development could be an essential turnaround point for the company as most domestic wagon manufacturers have struggled due to lack of order from the Indian Railways in the past few years. This could be a turnaround point as the order book of Titagarh Wagons currently looks better and it is much more than its current market capitalisation of Rs 475 crore.