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Article: India: Titagarh Wagons set to take joint control of Cimmco Birla.
- Article from:
- TendersInfo
- Article date:
- September 17, 2008
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Byline: pinto03
Titagarh Wagons Ltd is poised to take joint control of Cimmco Birla, a sick wagon unit promoted by the SK Birla group. Mr Umesh Choudhary, Managing Director of Titagarh Wagons, told Business Line that under an arrangement with the Birlas, a fresh proposal has been placed before the Board for Financial and Industrial Reconstruction to the revive the company. This proposal suggests that an investment vehicle 50:50 owned by the Birlas and Titagarh Wagons will takeover the management control.
We are ready to infuse the required fund to restart the process, he said. The fresh proposal has the support of the SK Birla group.Mr Siddharth Birla, ...