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GATX India Private Limited (“GIPL”), a subsidiary of GATX Corporation (NYSE:GMT), today announced its entry into the Indian marketplace with the purchase of ten newly manufactured rakes, each consisting of 45 container flat wagons. GIPL has agreed to lease the rail wagons to Arshiya Rail Infrastructure Ltd., a subsidiary of Arshiya International Ltd., for ten years. This transaction will allow Arshiya to efficiently scale its rail fleet.
Brian A. Kenney, president and chief executive officer of GATX Corporation said, “We are pleased to be the first leasing company registered under Indian Railways’ Wagon Leasing Scheme. We believe rail wagon leasing in India will provide an attractive growth opportunity for GATX, and we are honored to enter this market with Arshiya Rail Infrastructure, one of India’s leading and pioneering container train operators.”
Commenting on the lease agreement, Ajay S. Mittal, group chairman and managing director of Arshiya International Ltd said, “This is a strategic partnership for Arshiya. GATX has a strong legacy in rail equipment leasing, and we are confident this relationship will help us provide improved value to our customers.”
Saurabh Sood, managing director and country head of GIPL added, “Backed by our global expertise in design, safety and engineering, we have the capability to add efficiency to the entire Indian rail system. We look forward to working collaboratively with Indian Railways and our customers to efficiently grow rail freight traffic. We are committed to meeting the expectations of our customers and developing long-term relationships.”
GATX India Private Limited (“GIPL”), established as a subsidiary of GATX Corporation in 2010, provides rail wagon lease financing and related services. GIPL intends to be the leader in leasing of rail wagons in India. Leveraging over a century of operating experience and strong market and asset expertise in North America and Europe, GIPL will continue the tradition of providing quality assets and services to customers in India.