Amber Enterprises India Limited announced that binding definitive agreements have been entered amongst, Sidwal Refrigeration Industries Private Limited (Sidwal) and Titagarh Rail Systems Limited and its promoters and Shivaliks Mercantile Private Limited (Shivaliks), an existing company within the meaning of the Companies Act 2013, for undertaking investment by Sidwal & TRSL in Shivaliks, which will become a Joint Venture - Special Purpose Vehicle Company (JV-SPV), to carry on the business of railway components and sub systems for the rolling stock industry in India and overseas and also expand their business into the global markets (Business). Pursuant to the said definitive agreements, the proposed JV-SPV - Shivaliks will be controlled equally by Sidwal and Titagarh. Through Shivaliks, Sidwal and Titagarh are desirous of undertaking investment in Titagarh Firema SpA, Italy (Firema) which is inter alia, in the rolling stocks space, in order to grow capabilities and capacities for various products in India and globally.

Sidwal and Titagarh will have equal control over Shivaliks which as JV-SPV will carry on the business of railway components and sub systems for the rolling stock industry in India and overseas and also expand their business into the global markets. Business activities of Shivaliks will complement the main line of business of both Sidwal and Titagarh. Both TRSL and Sidwal, will invest upto INR 1,200 million each in the JV-SPV in one or more tranches.