Concord Control Systems Limited (Concord) has informed exchanges that it will further invest Rs 5.50 crore in its subsidiary Advanced Rail Controls Private Limited (Advanced Rail).
According to the filing, the investment will be done by subscribing to the right issue of equity shares made by the company in one or more tranches from time to time. The transaction is expected to be completed within six months.
“The Board of Directors at their meeting held today on May 05, 2024, considered and approved the further Investment of up to Rs.5.50 crores in its Subsidiary Company -Advanced Rail Controls Private Limited,” the filing reads.
Advanced Rail Controls Private Limited is a globally renowned company specializing in traction control electronics and consultancy since 2005. The company focuses on developing high-end embedded control solutions for the rail domain and is peerless in its spectrum of work.
It designed and successfully operated a distributed wireless control system, powering the longest freight train run by Indian Railways, utilizing six locomotives and delivering 36,000 hp of traction power. Advanced Rail currently has a very an order book of roughly Rs 140 crores which are to be executed over a period of 24 months.
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