During its hay days in 2007, Firema achieved a sales of 195 million Euro with an EBIDTA of 28 million Euro. It has manufactured rolling stock for the Italian State Railways and Metro Campania, Milan's underground railway system.

However, due to global economic slowdown the company was put under Extraordinary Commissioner in 2010. The acquisition of business of Firema has been completed by TWL through Titagarh Firema Adler S.p.A. with the signing of a share purchase agreement with the company represented by the Extraordinary Commissioner.

This is the second overseas acquisition in the last five years, the first one being the France-based Arbel Fauvet Rail (now Titagarh Wagons AFR) for which Titagarh Wagons Limited has scripted a turnaround in turnover from Euro 2 million at the time of acquisition in 2010 to Euro 49 million in the last fiscal.

In recognition of the successful turnaround of TWA, the French Republic has recently bestowed the honour of Knighthood in the National Order of Merit ("Chevalier du Ordre National du Mérite") on Chowdhary.

Lodha Capital Markets Limited, a SEBI Category I Merchant Banker registered with SEBI, was associated in this acquisition.

About Titagarh Wagons Limited

TWL has successfully transformed itself from a wagon maker for Indian Railways to a multinational diversified engineering and fabrication group.

TWL is the largest private sector manufacturer of railway coaches (EMUs, MEMUs) with more than 39 per cent market share and the largest wagon maker (other than Railways) and the largest exporter of wagons from India. It has successfully turned around the French Company, AFR and is one of the largest manufacturer in Western Europe and 4th largest in Europe overall.

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