Texmaco, US-based Wabtec to set up JV.

The Saroj Poddar-promoted Texmaco Rail & Engineering said that it has entered into an agreement with US-based leading rail industry parts maker Wabtec for setting up of a joint venture facility. Wabtec manufactures a broad range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new locomotives and provides aftermarket services.

'The company has entered into a JV agreement with Wabtec International, (Westinghouse Air Brake), a leading multi-billion-dollar US company in the field of advanced rail technology and rail safety products, for setting up a joint venture facility in India,' Kolkata-based Texmaco said.

Ramesh Maheshwari, executive vice-chairman at Texmaco Rail & Engineering, said, 'They are the world's largest rail industry parts marker. It (the JV agreement) is a great news for Texmaco.” He, however, declined to divulge details. 'A Wabtec team from the US will visit in the middle of this month for chalking out detailed modalities,' he added.

FE