Titagarh Rail Systems Limited has announced changes in its management structure as the company transforms itself from a wagon maker to a mobility solutions provider.

The scrips of the company were up 4.51 per cent on the Bombay Stock Exchange on Thursday.

A company statement said that based on the recommendations of the nomination and remuneration committee, Anil Kumar Agarwal, the present director (finance) and CFO, has been designated as deputy managing director and CEO (freight rail systems) effective from December 20, 2023.

The freight rail division has four units — three in Calcutta and one at Bharatpur. Titagarh is targeting an output of over 1,000 wagons per month within this financial year.

Prithish Chowdhary, presently the director (marketing & business development), has been elevated as deputy CEO (passenger rail systems).

With the company looking to accelerate growth in the passenger rail category, he will manage the day-to-day affairs under the supervision and guidance of vice-chairman and managing director, Umesh Chowdhary, the statement said.

“The company has taken up an ambitious plan of growing the passenger rail systems business and is currently executing the order of Pune Metro and will soon start production of Bangalore Metro under the business alliance with CRCC, followed by metro coaches for Surat and Ahmedabad Metro,” the statement said.

“Titagarh in consortium with Bhel has got the prestigious order of Vande Bharat which will also be produced in the factory at Uttarpara. Recently, Titagarh has tied up with ABB for developing propulsion system including TCMS for metro coaches,” the statement said.

Further, joint CFO Saurav Singhania has been elevated to the role of chief financial officer and also given the responsibility of being the chief risk officer of the company.
The company said that he was a key contributor to the recently concluded QIP of Rs 700 crore which saw successful participation from marquee investors.

“I am extremely happy that young talent in the company is getting ready to take on higher responsibilities and assume greater leadership positions,” said Umesh Chowdhary, vice-chairman and MD of the company.

“I am sure this strengthening of the organisation will be a big boost to the performance of the company as focused management attention will be given to the operations and growth of both the business verticals on one side and the central financial and risk management function on the other,” Chowdhary said.

He said that while the two business segments would be headed by the two business CEOs, as the managing director, he would continue to steer the overall strategy and management of the company.