Titagarh Wagons Ltd on Monday moved a step ahead in terms of bringing its ship building business, so far carried out through subsidiaries, under its fold.
Shareholders of the company considered a proposal for the merger of its wholly owned subsidiary Titagarh Marines Ltd along with two of its subsidiaries Corporate Shipyard Pvt Ltd and Times Marine Enterprise Ltd with Titagarh Wagons.
The formal approval for the scheme of amalgamation before the Calcutta High Court, however, will take some time. The merger would mark Titagarh Wagon’s entry into ship, and trawler building, including manufacturing of barges for the Indian Navy.
Meanwhile, Titagar Wagons has reported a consolidated net loss of Rs 2.13 crore in the third quarter of 2015-16 against Rs 2.77 crore net profit in the corresponding quarter in the previous fiscal.
The Rs 2 stock of Titagarh Wagons on Monday closed 9.79 per cent up on the BSE at Rs 128.