The Ferrovie dello Stato Italiane Group has completed the acquisition of a business unit that includes the operating assets of rolling stock manufacturer Titagarh Firema, a company active in the design and manufacture of railway vehicles.
The transaction is part of the industrial consolidation initiatives set out in the 2025–2029 Strategic Plan and contributes to strengthening the production value chain in support of the FS Group’s investment program.
During 2025, the Group had already completed its vertical integration initiative in the tourism and freight transport sectors, confirming the integration of the value chain as a strategic tool for increasing resilience, operational autonomy, and competitiveness.
The integration of Firema into the FS structure, through its subsidiary FS Fabbrica Italiana Treni, strengthens FS Italiane’s industrial capabilities in the rolling stock sector and improves coordination between design and production activities, with estimated benefits in project management, cost control, critical supply monitoring, and production deadline compliance.
The transaction also ensures 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, and allows for the stabilization of the associated technical and production expertise.
Rolling stock manufacturer Titagarh Firema
In 2015, Indian company Titagarh Wagons completed the acquisition of Italian rolling stock manufacturer Firema Trasporti through its Milan-registered subsidiary Titagarh Firema Adler.
The acquisition by FS is a strategic step in the production of 70 sleeping cars for Italian operator Trenitalia under a EUR138.6 million framework contract signed in 2023. Contractually, it involves the production and delivery of 370 cars awarded to a consortium consisting of Škoda Group and Titagarh Firema. The total value of the framework contract is 732.5 million EUR.
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, with the remaining 31% owned by the Italian national agency for investment and economic development, Invitalia. The company provides rail transport solutions, including passenger and freight wagons, and went through a liquidity crisis in 2025, seeking protection from creditors, with a turnover of 71.4 million EUR in Italy in the previous year.
Share on:
