Texmaco signs MOA with United Group Rail

Texmaco Ltd has informed that on November 13, 2007 the Company has signed a Memorandum of Agreement (MOA) with M/s. United Group Rail Services Ltd., Australia.

The MOA signed between the two Company's aims to address the many opportunities currently being planned in relation to Indian Railways (IR) development programme for projects including the Dedicated Freight Corridor, significant government policy reforms inviting private participation in rail transport and the introduction of new technologies across all areas of the Indian rail Industry.

Both parties are set to play a leading role in the multi billion dollar expansion and modernisation programme of IR. The proposed JV between the two Companies will cover the design, manufacture and supply of wagons, locomotive bogies & components and encompass passenger rolling stock as well. Additionally, both parties are keen to address related opportunities for rolling stock maintenance and refurbishment.