Titagarh Wagons Ltd. and FreightCar America, Inc. (RAIL) said Friday that they have agreed to wind up and dissolve their Indian joint venture company.
The joint venture company, Titagarh FreightCar Private Ltd., was incorporated in India pursuant to a 2008 joint venture agreement between the parties with the objective of manufacturing and selling aluminum coal-carrying rail wagons in India.
Titagarh Wagons and FreightCar said that soon after its incorporation, the joint venture company had begun the process of obtaining approval from the Indian Railways Research Designs and Standards Organisation for aluminum wagon designs adapted for use on the Indian rail system.
However, they said that over time it became clear that approval from the Indian Railways Research Designs and Standards Organisation would not be obtained in an acceptable timeframe.
The joint venture company formally notified the Indian Railways Research Designs and Standards Organisation in June 2012 that it would not further pursue its request for design approval.
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