TWL acquires 50% stake in Matiere Titagarh Bridges

West Bengal based Wagon and metro rake maker Titagarh Wagons Ltd (TWL) acquired 50 per cent stake of its French joint venture partner Matiere SAS in Matiere Titagarh Bridges Pvt Ltd.

Following the acquisition, Matiere Titagarh Bridges has become a wholly owned subsidiary of Titagarh Wagons. The shareholding of the company in Matiere Titagarh Bridges has changed from 50 per cent to 100 per cent, the company said in a statement.

As per the deal between Titagarh Wagons and Matiere SAS, Matiere will continue to provide the technical know-how for execution of the ongoing contracts as well as manufacturing and selling of bridges by Matiere Titagarh Bridges.

“Matiere Titagarh Bridges was formed as a joint venture company pursuant to an agreement between Titagarh Wagons and Matiere SAS, where each side was holding 50 per cent of its paid-up capital, and pursuant to discussions between the joint venture partners covering strategic aspects of business, the transaction was agreed upon and now Matiere Titagarh Bridges has become a wholly owned subsidiary of Titagarh Wagons,” it added.