SEPTEMBER, 20259TITAGARH RAIL SYSTEMS LAUNCHE THIRD DIVING SUPPORT CRAFT FOR NAVYTEGA INDUSTRIES EXPANDS GLOBAL REACH WITH $1.48 BN MOLYCOP DEALTitagarh Rail Systems Limited (TRSL) marked a significant development in shipbuilding with the launching of the third indigenously built Diving Support Craft (DSC) for Indian Navy.The ship is one of five in the series being constructed at TRSL under the 'Make in India' program of the Ministry of Defence, and was launched into the Hooghly River at 16:10 hrs. The ship was launched by Kangana Berry, wife of Vice Admiral Suraj Berry, the Commander-in-Chief, who performed the traditional ceremonial naming and launching.The catamaran type Diving Support Craft is fitted with means of advanced and innovative locally developed technologies, to assist and support the Navy's Command Clearance Diving Teams (CCDTs) in underwater repair, maintenance, and salvage in and around harbours, and to also serve as an advanced training platform for CCDTs, enhancing the Navy's diving cadre and readiness for operational tasking.Umesh Chowdhary, the Vice-Chairman and Managing Director of TRSL, stated that the launch symbolizes Titagarh's growing shipbuilding capability and pledge to develop the Navy's underwater capability. With this success, the Shipbuilding and Maritime Systems Division has established its credibility having delivered over 35 complex vessels, including research vessels, Coast Guard vessels as well as landmark projects such as ICGS Kamla Devi and MV Ma Lisha for Guyana.In the future, TRSL is forming a new subsidiary called Titagarh Naval Systems to pursue maritime development. With more than 575 crore in orders and operating on a new shipbuilding campus at Falta capable of building vessels to 180 meters, the subsidiary will deepen TRSL's rail focus while pursuing specialized shipbuilding contracts and partnerships under the adequate maritime development plans in India. In a significant development from Kolkata, Tega Industries has gained national prominence with the announcement of the $1.48 billion acquisition of Molycop, one of the largest grinding-media multinationals globally.The deal, finalized with Wall Street's Apollo Global Management, is the most significant acquisition by an Indian company in three years, displaying a significant global aspiration from the City of Joy, which is more commonly associated with culture than with commerce.Under the agreed terms, Tega will hold almost 77% of the special purpose vehicle executing the acquisition, with Apollo funds representing around 23% of ownership. The acquisition is also at an attractive valuation level marked at ~ 8.6x FY25 EBITDA of $172 million, which is an attractive valuation level well below Tega's own trading multiple of 25x EBITDA (TTM) and significantly lower than comparable companies, such as Weir, Metso, Orica and FLSmidth.Mehul Mohanka, the Managing Director & Group CEO and the second-generation leader of Tega Indus-tries, is taking a bold move into the global mining con-sumables arena. Tega's acquisition of 100-year-old Molycop, a prior American Industrial Partners compa-ny, will propel Tega as a keystone mining consumables provider for miners and mills around the world.This noteworthy transaction illustrates more than economic ambition; India is solidifying its market position in the industrial spine of electrification and the green economy, where reliable, mine inspection, and consumables market solutions will play an important factor in the future. TOP STORIESSEPTEMBER, 20259
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