ITALY: Competition authority AGCM has approved national railway FS Group’s planned takeover of Indian company Titagarh’s Italian rolling stock manufacturing business Firema as part of an ongoing restructuring.
Titagarh Firema encountered financial difficulties in 2025 owing to a dispute with one of its major customers, which significantly affected cash flow. It filed for insolvency protection in May 2025, initiating a legal restructuring procedure.
Integration into FS Group is intended to ensure continuity of production of 70 sleeping cars for Trenitalia. These vehicles formed a €138·6m firm order under a broader €732·5m framework agreement awarded to a consortium of Škoda Group and Titagarh Firema in 2023 which coversg up to 370 night train coaches. The takeover could also help unblock the delivery of 38 electric multiple-units ordered by Cotral for the Roma – Lido and Roma – Viterbo lines.
On February 9 AGCM stated that the acquisition would not significantly reduce competition in the relevant markets, and so it has decided not to open a full investigation.
FS Group’s offer is reportedly valued at €67m, including €41m for the acquisition of the business unit plus the assumption of debt.
