Titagarh Wagons and FreightCar America have agreed to dissolve their Indian joint venture company.
Titagarh FreightCar Private was incorporated in India pursuant to a 2008 joint venture agreement between the parties with the aim to manufacture and sell aluminum coal-carrying railcars in India.
TWL and FCA said that the joint venture company had sought approval from the Indian Railways Research Designs and Standards Organisation for designs adapted for use on the Indian rail system, but it became clear that approval from RDSO would not be obtained in an acceptable timeframe. The joint venture company notified RDSO in June 2012 that it would not further pursue its request for design approval.
“We had big plans for the joint venture company when it was incorporated in 2008,” said Umesh Chowdhary, vice chairman and managing director of TWL, in a written statement. “However, those plans were not realized despite considerable effort. After lengthy discussions, Titagarh Wagons and FreightCar America have decided to dissolve the joint venture company and part ways amicably.”