Tatravagonka AS of Slovakia is set to play a major role in the domestic wagon industry, where foreign entities have little presence. After picking up a minority 26% stake each in Jupiter Wagons and Jupiter Alloys and Steel, the Slovakian firm is spearheading merger of the wagon and castings making arms of the Kolkata-based Jupiter Group owned by the Lohia family. Jupiter Wagons, which makes wagons and fabricated bogies, and Jupiter Allloys and Steel, which makes wagon components and casting materials, have now filed for merger of the two entities before NCLT. The 13% stake in Jupiter firms was quickly raised to 26% in 2016 and the proposed merger is precursor to the raising of stake of Tatravagonka in the merged entity to 50%. Of the last distributed order for 2,500 wagons earlier this year, Jupiter cornered 1,300 or half of the procurement done by the Railways.

Source: dna October 24, 2017 01:41 UTC