New Delhi, Apr 20 (PTI) Texmaco Rail & Engineering Ltd on Thursday said it has entered into a joint venture (JV) agreement with NYMWAG CS for manufacturing of freight wagon and its parts.

NYMWAG CS is a Czech Republic company.

Also Read | How To Get Blue Tick on Twitter? As Elon Musk Sets To Remove Verified Checkmarks From Legacy Accounts, Know Verification Requirements and Steps To Get Blue Checkmark.

The binding agreement has been signed for forming a 50:50 JV for manufacturing of freight wagons and/or its components or parts, Texmaco Rail & Engineering said in a regulatory filing.

"Texmaco Rail & Engineering and NYMWAG CS shall have the right to appoint three directors each on the board of directors of the JV company and infusion of share capital shall be at the same price and proportion, subject to applicable laws," the filing said.

Also Read | What Is Layoff? Know the Definition and Meaning of the Term That Is Making Major Headlines in 2023.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)