Texmaco Rail & Engineering, one of the leading heavy engineering companies in the country, announced that Wabtec Corporation has formed a joint venture with the company. The JV has been formed to initially provide hi-tech freight products and services such as draft, gear, bogie mounted braking and other state-of-the-art railway products to the Indian rail network, which is expected to expand and modernize.

This cooperation will enable the new entity to bring to the railway the latest generation of safety & control equipment and systems, a critical need for Indian railways and a high priority area for the government.

Shares of the company declined Rs 0.15, or 0.18%, to trade at Rs 85.05. The total volume of shares traded was 12,050 at the BSE (10.04 a.m., Thursday).