Kolkata-based Titagarh Rail Systems (TRSL) has signed an agreement with Amber Group to jointly invest up to Rs 240 crore in a special purpose vehicle (SPV).

The alliance has been formed to foray into railway component and subsystem business in India and overseas. In this collaboration, TRSL and Amber Group’s subsidiary, Sidwal Refrigeration Industries, will acquire equal control. This venture intends to set up a facility in India for manufacturing critical railway components and subsystems essential for railway and metro coaches.

The partnership involves combined management expertise, cost competitiveness, and mutual growth. This alliance extends beyond Indian borders, with both companies joining hands with Invitalia, the investment arm of the Government of Italy, to invest in Titagarh Firema. This move is tailored towards expanding their footprint in European markets.

Under the agreement, Firema will grant Sidwal, Titagarh Rail as well as the JVC- SPV a preferred supplier status and right of first refusal for all their products.