Firema designs and manufactures passenger rolling stock Credit: Pixabay.

The Italian Government is reportedly looking to purchase a stake in Indian railway wagon manufacturer Titagarh Wagons’ wholly-owned arm Firema.

The government’s investment promotion agency Invitalia is anticipated to pick between 20% and 30% interest in Firema, reported the Press Trust of India.

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Titagarh is in talks with the Italian government for funding assistance as it was financially affected due to the pandemic.

Titagarh Wagons MD Umesh Chowdhary was quoted by the news agency as saying: “It is a major breakthrough that the Italian government will pick up a stake, apart from a PE investor, in Firema.

“The promoters will also infuse fresh capital. We cannot disclose the details at this moment due to confidentiality clauses until all approvals are in place.”

In 2015, Kolkata-headquartered Titagarh Group acquired Firema, which is involved in designing and manufacturing of passenger rolling stock.

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The company is already implementing projects in Italy.

Firema is also playing a significant role in the construction of India’s first aluminium coach for the Pune Metro.

In the last fiscal year, the firm posted a loss of about €9m. This includes one-off exceptional expenses of €4.5m as a result of operational revamp.

Furthermore, the firm has been impacted by legacy orders. At present, it has an order book of €500m that is anticipated to be executed  in the coming four to five years, stated Chowdhary.