Titagarh Wagons, private sector Wagon manufacturers in India, witnessed a surge in share price on Thursday after announcing its foray in the metro coach and high-speed train manufacturing with the acquisition of the business of Firema Trasporti S.p.A based in Italy. The transaction entails transfer of technology, all tangible and intangible assets and some liabilities relating to ongoing orders.

The business has been acquired through a SPV Titagarh Firema Adler S.p.A. registered in Milan, Italy (TFA) in which TWL holds 90% stake and balance 10% stake by Adler Plastics S.p.A a part of a leading Italian group with a revenue of above a billion Euro.

'The funding of about Euro 20-25 million for the acquisition, new investment and operations of the company is planned primarily from internal accruals as well as some proposed external borrowings by Titagarh Singapore Pte, the wholly owned Singapore subsidiary of  Titagarh Wagons,' the company said.

Shares of Titagarh Wagons are trading at Rs 113.40, up Rs 3.7, or 3.37% at the Bombay Stock Exchange (BSE) on Thursday at 12:50 p.m. The scrip has touched an intra-day high of Rs 113.75 and low of Rs 109. The total volume of shares traded at the BSE is 251,481.