Railway had not issued wagon tenders in last financial year due to overall slowdown in economy. It was expected to issue combined tender for FY13 and FY14 in the last month. "Now we are told it will be floated in July. Budget sanctioned for last year was 16000 wagons, again this year it is 16000. We were expecting that tender should be for 20,000-22000 wagons," Choudhary said.
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He explained that slow economy growth, fund crunch faced by Railway and delay in decision making are some of the key reasons for rail orders postponement.
But Titagarh Wagons has been continuously trying to get in new areas for mitigating slowdown in rail business. The Kolkata based heavy engineering company has registered several new products with Defense Research and Development Organization (DRDO) and Ministry of Defense.
The company recently developed specialised wagons for carrying automobiles and has also received an order from Maruti Suzuki. Choudhary is confident that these new products will start contributing to the company's bottom-line at the end of current financial year. It is also well equipped to start supplying rail orders within a month of receiving it, Choudhary stressed.
Below is the verbatim transcript of Choudhary's interview
Q: We understand that wagon ordering for FY13 was not done and for FY14 it has still not come in. Can you update us on the wagon ordering status from the Indian government, is it much worse then it was a couple of years ago?
A: It is. The tenders for FY13 have not yet been issued. We heard that FY13 and FY14 it is going to be combined and the revised tender was supposed to be floated last month. Now we are told that it will be floated in July, we are hoping. Unfortunately the decision making process has gone into a bit of a tailspin on account of various events that has taken place in the railways. As a result of which we are still hoping that the tender should come out this month and get finalised in a couple of months but as of now there is no certainty.
Q: What is going to be the quantum of bunched up tenders, orders that you are expecting perhaps if it comes through in July?
A: The budget that was sanctioned last year was 16000 wagons; again this year has seen 16000 wagons sanctioned, so it should be 32000 wagons in all. There was some carry forward load so we were expecting that the tender should be for about 20000-22000 wagons. But then till the tender is actually floated one doesn't know what is going to happen.
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