Texmaco against too many wagon-making units

Kolkata, Aug 12 (IANS) Railway Minister Mamata Banerjee’s decision to set up four wagon making units announced in the Railway Budget for 2010-11 may not be favourable for Texmaco, an official said Thursday.

‘I have written to Banerjee requesting her to ensure that capacities of existing private sector wagon making units should be utilised to the fullest before the ministry starts work on new wagon facilities,’ company chairman Saroj Poddar told shareholders at the annual general meeting.

Banerjee had said that she proposed to set up five state-of-the-art wagon factories in Secunderabad, Bardhaman, Bhubaneshwar/Kalahandi, Guwahati and Haldia.

City-based wagon-maker Texmaco has demerged its core wagon making and steel foundry business to Texmaco Rail and Engineering Ltd and retained the real estate business with itself.

The demerged entity is planning to venture into setting up logistics for the tailways through foreign collaboration, said Ramesh Maheshwari, the executive vice chairman.

Texmaco Ltd is planning to do mixed-use real estate development consisting of commercial and residential units in Delhi, Poddar said.

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