Texmaco Rail & Engineering announced that the company has entered into a joint venture agreement with Wabtec International Inc. (Westinghouse Air Brake), a leading multi Billion Dollar US Company in the field of advanced Rail technology and Rail Safety products for setting up of a Joint Venture facility in India.

Earlier, the company said on Oct.1, 2014, the company's heavy engineering division has secured an order valued at Rs 3.87 billion. The company will supply 974 units of well type wagons to the Ministry of Defence. Texmaco Rail & Engineering (TexRail) operates in two business segments, heavy engineering division and steel foundry division. TexRail manufactures a diverse range of products, such as railway freight cars, and hydro-mechanical equipment.

Shares of the company declined Rs 1, or 1.14%, to trade at Rs 86.95. The total volume of shares traded was 77,520 at the BSE (10.37 a.m., Tuesday).