Texmaco Rail & Engineering Ltd (Texmaco) on Thursday said it has acquired 100 per cent shareholding in Jindal Rail Infrastructure Limited for a consideration of around Rs 615 crore.
In a statement, Texmaco said it has entered into definitive agreements with Jindal Rail & Infrastructure Limited (JRIL), JITF Urban Infrastructure Services Limited, and Siddeshwari Tradex Private Limited for the acquisition of 100 per cent share capital of JRIL on a fully diluted basis.
"Texmaco has announced a 100 per cent acquisition of JRIL in a strategic move to expand its rolling stock business. Valued at around Rs 615 crore, the acquisition is the largest in the history of India's rolling stock industry," the statement said.
The transaction is subject to certain adjustments at the closing specified in the definitive agreements.
The acquisition is part of the company's strategy to expand its rolling stock business.
Texmaco Chairman Saroj Kumar Poddar, "The Jindal Rail acquisition will exponentially boost our participation in domestic and foreign markets, catalysing the nation's economic growth".
Texmaco, an Adventz Group company, is a market leader in wagons for the bulk transport of alumina, cement/fly ash, steel, fuels, chemicals, iron-ore (gondola wagons) and automobile-carrying wagons.
Jindal Rail, a Prithvi Raj Jindal group company, is known for designing and making high-quality railway freight car products.
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