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Italian govt to acquire 20% stake in Titagarh Wagons unit Firema

BSE Announcement   Mint  

The Italian government, through Invitalia, its investment promotion agency - , apart from a PE investor, - is to acquire an at least 20% stake in publicly listed Titagarh Wagons' fully-owned subsidiary Firema SPA. Italian railway firm Firema which is executing railway projects in Europe, was taken over by the Kolkata-based Titagarh Group in 2015. Titagarh Wagons will retain the majority stake in the subsidiary. Titagarh Group faced financial headwinds during the pandemic and was in talks with the Italian government for capital support. Firema also has a significant role in building India's first aluminum coach for Pune Metro.