MUMBAI (Reuters) - Wagonmaker Titagarh Wagons Ltd aims to increase its revenue share from heavy earth moving machinery used in mining and construction, a senior official said on Friday.

Besides heavy earth moving equipment, Titagarh Wagons also plans to make bailey bridges and iron castings, Managing Director Umesh Chowdhary told reporters. Bailey bridges are portable pre-fabricated bridges used by the military.

“We plan to move towards other niche segments,” Managing Director Umesh Chowdhary told reporters.

The company, which gets 80 percent of its revenue from wagon manufacturing, plans to raise up to 1.45 billion rupees from sale of 2.37 million shares at the upper end of price range of 540 rupees to 610 rupees a share.

Kotak Mahindra Capital Co Ltd and JM Financial Consultants are co-managers of the issue, which opens on March 24.

Titagarh Wagons plans to use the funds for setting up an electric multiple unit (EMU) manufacturing facility in West Bengal, expanding its existing facility and also look at strategic buyouts or investments.

The company competes with wagon makers Texmaco Ltd, Jessop and state-run BEML Ltd.

The company, in which General Electric Co.’s Equipment Services and Commercial Finance units have a 15 percent stake, has orders worth 7.53 billion rupees.

Private equity firm Blackstone bought a minority stake in the firm in a pre-IPO placement at 672 rupees a share. JP Morgan, 2i Capital, and ChrysCapital also have stakes in the firm.

Titagarh Wagons has a 49 percent stake in a joint venture with Freight Car America Inc for manufacturing light-bodied wagons.

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MOLINE, Illinois . — Deere & Company today announced it will expand its presence in the world’s largest and fastest growing market for construction equipment by entering into a joint venture in China.

Deere said it has signed a definitive agreement to own 50 percent of Xuzhou Xuwa Excavator Machinery Co., Ltd. (XCG) – a subsidiary of Xuzhou Bohui Science and Technology Development CO. Ltd. (Bohui). The companies are seeking review of the transaction by government approval authorities in China.

“Today’s action provides Deere with a foundation in this important and rapidly expanding marketplace with an opportunity to leverage the expertise of XCG in China” said Samuel R. Allen, president, Worldwide Construction and Forestry Division. “XCG is a leader in providing quality machines that perform to high standards for customers, which is a key to enhancing our construction equipment business in this growing market”

XCG was viewed as a viable partner for the Chinese market because of its strong domestic position as a leading Chinese manufacturer of construction equipment with a broad excavator product line of 14 models. Currently XCG is the third largest domestic excavator manufacturer in China with dealers covering all but two provinces of the Chinese market.

“Excavators are a vital segment of the construction equipment market” Allen said. “XCG is well positioned to provide Deere recognition as a key provider of construction equipment in China”

While Deere has a long-term presence in the manufacturing of agricultural equipment in China, this is the company’s first manufacturing operation in construction equipment in the country. Deere’s construction and forestry division is the world’s leading producer of equipment for forestry and a leading provider of a broad range of construction equipment in North America.

Deere also has an important long-standing business relationship with Hitachi Construction Machinery Co., Ltd. a leading global manufacturer of excavators. The two companies manage a joint venture in Kernersville, N.C. producing equipment for the Americas supporting their joint marketing arrangement. This latest transaction will have no effect on the current relationship with Hitachi in the Americas. Deere said it remains committed to this relationship and continues to value its partnership with Hitachi.

Financial terms of the Deere-XCG transaction were not announced.

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