TITAGARH WAGONS SIGNS
AGREEMENT WITH GATX, ONE OF THE WORLD’S LARGEST WAGON LEASING COMPANIES
-BECOMES THE FIRST
BENEFICIARY OF WAGON LEASING SCHEME OF INDIAN RAILWAYS
Titagarh Wagons Limited and GATX India
Private Limited (“GIPL”), a subsidiary of GATX Corporation (NYSE: GMT), signed
an agreement for the supply of 10 rakes of BLC wagons to the latter under the
wagon leasing scheme introduced by Indian Railways.
GIPL earlier this month signed an
agreement with Indian Railways to become the first wagon leasing company under
the Wagon Leasing Scheme in India. Under this scheme, GIPL plans to purchase
wagons and lease them out to various customers in private and public sector.
Commenting on this development,
Managing Director and Country Head of GIPL, Mr. Saurabh Sood, said “We have large plans for India and we have
chosen to enter the market with this wagon purchase from Titagarh. GIPL looks
forward to working with Titagarh to develop new designs for the Indian rail
market.”
Commenting on the same, Mr Umesh
Chowdhary, Vice Chairman & Managing Director of Titagarh Wagons said, “We are indeed honoured to have been chosen as
a wagon supplier by GIPL. GATX is one of the world’s largest lessors of wagons
and we are sure that they would have significant presence in India as well.”
About GATX India
Private Limited: GATX
India Private Limited (“GIPL”), established as a subsidiary of GATX Corporation
in 2010, provides rail wagon lease financing and related services. GIPL intends to be the leader in leasing
of rail wagons in India. Leveraging over
a century of operating experience and strong market and asset expertise in
North America and Europe, GIPL will continue the tradition of providing quality
assets and services to customers in India.
About GATX Corporation: GATX Corporation
(NYSE:GMT) strives
to be recognized as the finest railcar leasing company in the world by its
customers, its shareholders, its employees and the communities where it
operates. Controlling one of the largest
railcar fleets in the world, GATX has been providing quality railcars and
services to its customers for 114 years.
GATX has been headquartered in Chicago, Illinois since its founding in
1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company’s
website at www.gatx.com.
About Titagarh Wagons Ltd.: Incorporated in 1997-98, Titagarh
Wagons Ltd. is one of the leading private sector Wagon manufacturers in India.
The Company is engaged in the business of manufacturing Railway Wagons, EMUs
(Coaches), Bailey Bridges, Heavy Earth Moving and Mining Equipment,Steel and SG
iron castings of moderate to complex configuration etc. As an “Industry
Partner” to the Defence Research and Development Establishment, Ministry of
Defence, it also manufactures other products for the Indian Defence
establishment, such as special wagons, shelters and other engineering
equipments.
