Porinju Veliyath, the closely watched Kochi-based fund manager, is betting on loss-making Cimmco Ltd, an arm of Titagarh Wagons. Porinju's investment firm Equity Intelligence Group has bought 2.12 lakh shares of Cimmco Ltd last week, NSE's bulk deal data shows. To execute the project, the Chowdharys of Titagarh Wagons had earlier picked up the CEO of Sonalika Group, Pranab Ghosal, to head the division. Sudhir Kashyap, who had earlier worked with Mahindra & Mahindra, now heads product development at Cimmco's tractor division. "Railways currently has 2.5 lakh wagons and carries 30% of freight traffic.

Source: dna March 27, 2017 01:30 UTC