A memorandum of understanding has been signed with the Japanese consortium.

Texmaco, which is predominantly engaged in wagon manufacturing, has a 30 percent market share, and has an order book of Rs.1,800 crore.

The company will raise around Rs.150-200 crore through qualified institutional placement (QIP) routes soon.

'The QIP would meet our immediate investment plans for our project with the Australian partner,' Poddar said.

The company posted a profit after tax of Rs.20.84 crore for the first quarter this fiscal.