Texmaco Rail & Engineering eyes more acquisitions for expansion

By Anuradha Verma

  • 15 Apr 2014

Saroj Poddar-led Adventz Group firm Texmaco Rail and Engineering Ltd is looking to expand its product portfolio and businesses through organic and inorganic routes, according to a stock market disclosure.

In a meeting held on April 15, the board of the company approved a proposal to form a panel of directors to explore and evaluate the options available for the expansion. The committee comprises three independent directors and one executive director.

Texmaco (formerly Texmaco Machines Ltd) is a freight car manufacturing company. The firm has five manufacturing units.

In the quarter ended December 31, 2013, Texmaco registered net sales of Rs 87.73 crore with net profit of Rs 3.18 crore.

It has been looking at acquisition opportunities in the recent past and last December acquired a 12.43 per cent equity stake via open offer in public listed Kalindee Rail Nirman Engineers Ltd, engaged in railway signalling, telecommunication and track laying and related civil work, including railway electrification.

This sealed the takeover battle with Jupiter Metal for Kalindee Rail Nirman. It had made a competing offer to Jaipur-based Om Kothari Group controlled Jupiter Metal’s takeover bid.

Delhi-based Kalindee Rail is engaged in railway signalling, telecommunication and track laying and related civil work, including railway electrification. It offers services such as railway signalling installation service, railway track gauge conversion service and road work service.

(Edited by Joby Puthuparampil Johnson)