Titagarh buys out French JV partner

Share price of Titagarh Wagon (TWL) was locked in 5% daily upper limit at Rs 41.05 on NSE after the wagon maker acquired shares held by Matiere S.A.S., France.

The company based out of Titagarh, West Bengal, India, acquire 50% stake of Matiere Titagarh Bridges (MTBPL), a Joint Venture Company from its joint venture partner. Thus, MTBPL has become a wholly-owned subsidiary.

MTBPL manufactures and markets metallic bridges and has a paid-up equity share capital of Rs 1,50,97,640. Its total revenue for the year ended March 31, 2019 stood at Rs 61.05 lakh.

As per the agreement between TWL and Matiere, the technical know-how for execution of the ongoing contracts as well as manufacturing and selling of bridges by MTBPL in the agreed territories shall continue to be provided by Matiere.

TWL acquired 75,48,820 equity shares of Rs 10 each of MTBPL, at a price of Rs 1.80 per share being the fair value, as computed in accordance with the applicable provisions of FEMA/RBI.

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