FS acquires Titagarh Firema in rail manufacturing move

FS acquires Titagarh Firema through the completed purchase of a business unit that includes the operating assets of the rolling stock manufacturer, as reported by RailwayPro.

FS acquires Titagarh Firema under its strategic plan

The transaction is part of the industrial consolidation measures set out in the 2025–2029 Strategic Plan and is intended to strengthen the production value chain supporting the FS Group’s investment programme. According to FS Group, the Group had already completed its vertical integration initiative in the tourism and freight transport sectors during 2025, confirming value-chain integration as a strategic tool for improving resilience, operational autonomy, and competitiveness.

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At the same time, through its subsidiary FS Fabbrica Italiana Treni, the integration of Firema into the FS structure strengthens FS Italiane’s industrial capabilities in the rolling stock sector and improves coordination between design and production activities. The expected benefits cover project management, cost control, monitoring of critical supplies, and compliance with production deadlines.

FS Fabbrica Italiana Treni and Firema integration

The deal also guarantees the industrial continuity of the acquired assets following the recovery process launched in 2025 as part of the negotiated resolution of the company’s crisis. In addition, it allows the related technical and production expertise to be stabilized.

The ownership background goes back to 2015, when Indian company Titagarh Wagons completed the acquisition of Italian rolling stock manufacturer Firema Trasporti through its Milan-registered subsidiary Titagarh Firema Adler. As previously covered by RailwayPro, that transaction brought Firema into the Indian group’s structure.

Trenitalia sleeping cars and Titagarh Firema

For FS, the acquisition is also a strategic step linked to the production of 70 sleeping cars for Italian operator Trenitalia under a EUR138.6 million framework contract signed in 2023. Contractually, this involves the production and delivery of 370 cars awarded to a consortium consisting of Škoda Group and Titagarh Firema. Meanwhile, the total value of the framework contract is EUR732.5 million.

Titagarh Firema is based in Caserta, Italy, and specializes in the design and manufacture of railcars and trains. The company is part of the Indian Titagarh Group, which owns 60% of the shares, while the remaining 31% is owned by the Italian national agency for investment and economic development, Invitalia.

Also, the company supplies rail transport solutions, including passenger and freight wagons, and went through a liquidity crisis in 2025, seeking protection from creditors after reporting turnover of EUR71.4 million in Italy in the previous year.

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