Italy: National railway company FS Group has completed the acquisition of the subsidiary Titagarh Firema from the Titagarh Rail Systems (TRSL) for €41 mln. The purchase comes amid the site’s renewed financial difficulties and as part of the 2025–2029 strategic plan, which calls for renewing FS Group’s fleet.
TRSL has been the majority shareholder of Titagarh Firema since 2015. The company now comprises a 400,000 m² plant in Caserta and an engineering centre in Savona. Amid financial troubles in 2022, 30.3% of shares were bought back by state investment agency Invitalia, with a further 13.6% acquired by the UAE’s Hawk Eye fund. The investments were expected to bolster production for both domestic demand and exports. However, last year the company faced another liquidity crisis and sought protection from creditors.
FS Group states that the acquisition will stabilise Titagarh Firema’s financial position to ensure the continuation of current contracts. For instance, the company is currently delivering an order for 38 electric multiple units for Rome’s suburbs (pictured) with delays. Additionally, in consortium with Škoda Group, it must supply 70 passenger coaches to Italy. Initially, the rolling stock was slated for commissioning by the end of 2026. Yet since winning the tender in 2023, there have been no updates on the contract.
The site’s production capacity allows for up to 20 passenger rolling stock vehicles per month. Historically, it specialised in metro trains and cars. With the arrival of TRSL, India’s largest private railcar manufacturer, freight wagon production was contracted there in 2023.
Italy’s competition authority AGCM has announced it will not launch a preliminary investigation into the deal. It noted that Titagarh Firema holds a negligible share of the domestic market and the acquisition will not affect competition. Meanwhile, Japan’s Hitachi Rail owns Italy’s largest rolling stock manufacturing assets today.
