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Titagarh takes over French freight car company
9 July 2010: Titagarh Wagons (TWL) has acquired a French freight car and rolling stock manufacturing company for Euro 12.5 million (approx Rs 73.75) through court approved proceedings. Railway Tribunal De Commerce De Paris has approved the TWL's takeover bid of IGF Industries — Arbel Fauvet Rail SA (AFR).
TWL is acquiring the unit through its wholly-owned French subsidiary which, along with AFR, will undergo a change in names shortly. AFR currently has equity of Euro 5 million and a number of patented design and manufacturing technologies.
AFR's plant is in Douai in northern France on a 25-ha industrial site including 52,000 sq mtrs of covered area and a network of nearly 5 km of railways connected national network.
Source: Hindu Business Line