Hindalco Industries, one of the world's largest aluminium rolling and recycling companies, entered a strategic partnership with Texmaco Rail & Engineering, an engineering firm that manufactures railway freight cars, locomotive shells, and components.
What Is It About: The collaboration is set to develop and manufacture state-of-the-art aluminium rail wagons and coaches, aiming to support the Indian Railways in enhancing operational efficiency and meeting emission reduction targets.
The Indian Railways plans to double its freight capacity by 2027 and gain a 45% market share in freight under its “Mission 3000 MT”. To realise this goal, the Railways is seeking innovative wagon designs and a growth in overall capacity.
Hindalco, with its unique aluminium alloys and a track record of introducing India's first aluminium rake, will likely be a key contributor to the project. On the other hand, Texmaco will infuse technical expertise into the venture.
Satish Pai, managing director of Hindalco Industries, emphasised the benefits of the collaboration, stating, "This alliance is poised to further our contributions to both the freight industry and passenger mobility, aligning seamlessly with the Railways’ net-zero objectives."
Read Next: Why Tata Power Shares Are Upbeat After Q1
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.