Escorts Limited Signs Agreement with Honeywell for Railway Brake Systems
New Delhi, December 21, 2011:Escorts Limited, a leading manufacturer of critical railway components, has entered into an exclusive License and Technology assistance agreement with Honeywell, a U.S.-based Fortune 100 Company, for providing technology on friction materials for railway application. Escorts Limited has been manufacturing and supplying various products to the Indian Railways and is one of the key players for supply of brake system including Composite Brake Blocks.
The strategic alliance between Escorts and Honeywell will position Escorts as a frontrunner in the friction material business in India besides providing a considerable technological edge over existing players in offering high performance brake blocks and disc brake pads for railway application, suited for high speed trains in India as well as select export markets.
Mr Rajan Nanda, CMD, Escorts Limited said, "Escorts has been a leading manufacturer of critical railway components since the last 50 years. With the Indian Railway modernizing its network - speeding-up trains, making the network safer, carrying more cargo and more, we are confident of leveraging this growth and sustaining the momentum in the coming days. We are today investing in critical technology tasks to introduce technologically advanced products to satisfy the modernization initiatives of the Indian Railways."
"Today, Escorts enjoys a healthy share in the brake block braking business. Through this strategic tie-up, we would be able to introduce cutting edge technology which will further help us in substantially raising the bar and assume a dominant position. The alliance is in line with our initiative, in providing state-of-art products and technologies to Indian Railways in their massive upgrading exercise to make our trains faster, safer and more comfortable," added Mr Vikram Singhal, Executive Director & Business Head, Escorts Railway Products.
About Escorts Railway Equipment
Escorts Limited has played a significant role in the growth and modernization of Indian Railways through a range of railway products, being manufactured as per international standards specified by UIC, AAR and RDSO, the research wing of Indian Railways. It is also continuously working towards developing safety and comfort solutions and exports railway equipment to over 10 countries worldwide.
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