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Amtek Auto enters MOU with American Railcar

February 22, 2008

Delhi based Amtek Auto has informed us that the company has entered in to an MOU with the aim to set up a 50/50 joint venture with American Railcar industries, a North American leader in railcar manufacturing.

The signing of MOU is part of the Amtek Auto strategy to diversify by the setting up of the company’s Amtek Transportations systems division and this joint venture will be part of that new division which signals a major investment by the Amtek into this new and exciting market. The transportation division, which includes railways, aerospace and surface transportation system, will have within the next 4-5 years growth to around Rs 1,500 crore in sales and will give a good balance for the Amtek with it already highly successful automotive division. Amtek is currently investigating other potential opportunities and acquisition for the transportation division both in USA and European markets.

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