Calcutta, July 16: City-based Titagarh Wagons Ltd is targeting orders for metro and high-speed train coaches following the acquisition of Italian company Firema Trasporti SpA for 25 million euros.

Umesh Chowdhary, vice-chairman and managing director of Titagarh Wagons, today said the acquisition would enable the company to access technology to make metro and high-speed rail coaches at its factory in Uttarpara in Bengal besides meeting global demand from the four facilities of Firema in Italy.

"Besides an increase of 220 million euros to our group order book of Rs 878 crore, as of March 31, the acquisition makes Titagarh Wagons the first Indian company to possess technology for the manufacture of all three types of rolling stock, i.e, carbon steel, stainless steel and aluminium," Chowdhary said.

Firema is Titagarh Wagon's second overseas acquisition in the last five years after Arbel Fauvet Rail of France.

Firema was acquired through a special purpose vehicle - Titagarh Firema Adler SpA - registered in Milan in which Titagarh Wagons holds a 90 per cent stake. The remaining 10 per cent are owned by local partner Adler Plastics SpA.

Chowdhary said the acquisition would be funded by a mix of internal accruals and external borrowings by Titagarh Singapore Pte Ltd, the wholly owned subsidiary of Titagarh Wagons.

The deal will include the transfer of technology, all tangible and intangible assets and liabilities relating to ongoing orders.

The company has also retained 300 employees of Firema from a total of around 500 people.