ITALY: The national railway’s FS Fabbrica Italiana Treni subsidiary has finalised the acquisition of rolling stock manufacturer Titagarh Firema from India’s Titagarh Group.
This follows regulatory approval in February. FS Group’s offer was reportedly valued at €67m, including around €41m for the acquisition of the business unit itself, with the remainder covering the assumption of existing debts and obligations.
‘The acquisition of the Firema business unit is fully aligned with the vertical integration path set out in the 2025–29 Strategic Plan’, said FS Group CEO Stefano Antonio Donnarumma on March 4. ’Strengthening the industrial supply chain and consolidating high-tech manufacturing expertise is a coherent choice given the scale of investments we are making to modernise the fleet and enhance the national railway system.
‘Firema’s entry into FS enables us to reinforce a Made in Italy industrial asset, improve co-ordination between design and manufacturing, and increase oversight of the entire production cycle — with clear benefits in operational efficiency, cost control and supply chain resilience. The transaction also guarantees industrial continuity and the stabilisation of related technical and production expertise.’
Originally known as Firema Trasporti, the company based in Caserta, north of Napoli, was acquired by the Titagarh Group in 2015. It 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 covers up to 370 night train coaches. The takeover could also help the delivery of 38 electric multiple-units ordered by Cotral for the Roma – Lido and Roma – Viterbo lines.
