Kolkata, April 21 Texmaco Rail & Engineering Ltd, part of the Adventz group, has entered into a joint venture with Nymwag to set up a new company focused on accessing the railway industry, freight cars manufacture, and production of components related to freight cars and railway wagons, for the domestic as well as export markets.
Nymwag is a Czech Republic-based company of the AZC group. The joint venture will set up a manufacturing unit at Sodepur in Kolkata, said a press statement issued by the company.
“With its existing manufacturing units in Agarpara, Belgharia, Raipur and Panihati, Texmaco inked this partnership agreement with a 50-50 contribution from each of the companies, to bring together their strengths to increase wagon production capacity, raise production standards, and ultimately create employment opportunities for the people of Bengal,” the release said.
The venture is focused on hiring more than 650 people, including between 100-150 technically qualified staff. The collaboration will allow Texmaco to leverage Nymwag’s expertise and experience in the European market, which will benefit the Indian manufacturing industry as a whole.
Saroj Poddar, chairman of Adventz group, said the partnership would further strengthen the relationship with AZC Group, with this being their second joint venture. “This FDI Investment will further boost economic growth for the State,” he said in the statement.
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This venture will not only aid expansion in wagon manufacturing standards, but will also create employment opportunities in West Bengal, said Indrajit Mookherjee, Vice-Chairman, Texmaco.
Both Nymwag and Texmaco would invest in equipment and technology to create a contemporary rail freight wagons manufacturing facility.