Shares of Texmaco Rail & Engineering ended higher on Tuesday as it announced the successful acquisition of Jindal Rail Infrastructure Limited (JRIL).

What Happened: JRIL has become Texmaco's wholly-owned subsidiary following the acquisition, the railway engineering firm said in a press release on Tuesday.

The acquisition was made from JRIL’s existing security holders, JITF Urban Infrastructure Service and Siddeshwari Tradex Private. It has paid a total sum of ₹614.36 crore to the companies for the purchase.

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"The company has acquired all of the rights, title and interest in all of the securities of JRIL, on a fully diluted basis, from the existing security holders of JRIL.," the company added in its statement.

The acquisition is designed to position the company as a leader in special-purpose private freight rolling stock, both domestically and internationally. It will also create opportunities to expand into new product lines, including other types of rolling stock. Additionally, this move will strengthen the company's presence in Western India and provide unique opportunities for enhanced export activities, Texmaco said.

Price Action: Texmaco's shares settled 1.12% higher at ₹236.60 on Tuesday.

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