Somani Group enters into MoU with ThyssenKrupp

New Delhi: The Rs 2,000-crore Somani Group, with interests in steel, engineering, education and power, has signed an MoU with ThyssenKrupp GfT Gleistechnik, a railway equipment manufacturer, to form a joint venture.

The proposed venture is for techno commercial collaboration and will be utilised to get products required for Indian Railways.

The proposed joint venture would be head-quartered in New Delhi and will initially focus on the products manufactured only by Gleistechnik. After approval from the Indian Railways, the product would initially be imported but subsequently suitable production facility would be set up on Indian shores.

The products and services offered by the joint venture shall benefit the Railways in their modernisation, up-gradation and expansion plans.