The Italian government and a UAE-based private equity firm have together picked up almost 44 per cent stake in Titagarh Wagons' fully-owned subsidiary Firema SpA, a top company official said on Sunday.
The company saw a "recapitalisation of Euro 20 million through fresh equity infusion", raising the total capital to Euro 33 million, he said.
Invitalia, the Italian government's investment promotion agency, pumped in Euro 10 million for a 30.30 per cent stake, and the UAE-based PE firm - Hawk Eye DMCC - picked up a 13.64 per cent shareholding for Euro 4.5 million, the company official said.
The rest Euro 5.5 million has been infused by a Titagarh Group company.
The recapitalisation of Euro 20 million provides a fresh lease of life for the Italian company which will now be able to turn around and tap huge railway opportunities with branding and strategic value addition by Invitalia, Titagarh Wagons Vice Chairman and Managing Director Umesh Chowdhary told PTI.
Italian firm Firema, whi
