On March 29, 2025, Titagarh Rail Systems Limited (formerly Titagarh Wagons Limited) announced the appointment of Shri Devendra Kumar Vyas as the Chief Executive Officer (CEO) for Freight Rail Systems (FRS). The decision was approved by the Board of Directors at their meeting held on the same day, based on the recommendation of the Nomination and Remuneration Committee.

Date and Term of Appointment

Shri Devendra Kumar Vyas will assume his new role as CEO (Freight Rail Systems) on April 6, 2025. His appointment is on a full-time employment basis, and he will lead the Freight Rail Systems vertical of the company, reporting to Shri Anil Kumar Agarwal, Deputy Managing Director, while being under the overall supervision of Shri Umesh Chowdhary, Vice Chairman & Managing Director of the company.

Background and Experience of Shri Devendra Kumar Vyas

Shri Devendra Kumar Vyas is a qualified Chartered Accountant with over 28 years of extensive experience in leadership roles. He brings with him rich expertise in business strategy, life cycle solutions, OEM collaborations, and corporate governance. Shri Vyas has held senior-level positions for over 17 years, including serving as the CEO and Managing Director of Srei Equipment Finance Limited from 2008 to 2020.

Since November 2021, Shri Vyas has been serving as the Chief Business Officer of Srei Equipment Finance Limited, where he has been responsible for business development, strategy planning, and overseeing major corporate collaborations. His distinguished career is marked by multiple awards and recognitions, including:

• Best CEO Award

• Golden Global Achiever’s Award

• CA Business Achiever’s Award

Shri Vyas’ strong leadership capabilities and deep domain knowledge in the financial and infrastructure sectors make him well-positioned to steer Titagarh Rail Systems' Freight Rail Systems division toward achieving strategic growth and operational excellence.

Transition and Focus on Maritime Systems

Following Shri Vyas’ appointment as CEO (FRS), Shri Saket Kandoi, who was serving as ad interim CEO (Freight Rail Systems), will now continue to focus exclusively on his core responsibilities as CEO (Shipbuilding & Maritime Systems).

Shri Kandoi’s continued leadership in the Shipbuilding & Maritime Systems division will allow him to dedicate his efforts toward strengthening this crucial segment of the company’s business, enabling Titagarh Rail Systems to expand its footprint across diverse verticals.

Details Disclosed Under SEBI Listing Regulations

As per the disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the accompanying circulars, the following information has been provided:

1. Reason for Appointment

Shri Devendra Kumar Vyas has been appointed as CEO (Freight Rail Systems) to bring in strategic leadership and operational excellence to this critical vertical of the company.

2. Date and Term of Appointment

• Date of Appointment: April 6, 2025

• Term: Full-time employment

3. Brief Profile of Shri Devendra Kumar Vyas

• Qualification: Chartered Accountant

• Experience: Over 28 years, including 17 years at senior-level leadership positions

• Key Expertise: Business Strategy, OEM Collaborations, Life Cycle Solutions, and Financial Governance

• Past Roles: CEO and MD of Srei Equipment Finance Limited (2008–2020), Chief Business Officer (since November 2021)

• Awards and Recognitions: Best CEO Award, Golden Global Achiever’s Award, CA Business Achiever’s Award

4. Disclosure of Relationship with Directors

There is no relationship between Shri Devendra Kumar Vyas and any of the directors of Titagarh Rail Systems Limited.

Strategic Impact of Appointment

The appointment of Shri Devendra Kumar Vyas as CEO (Freight Rail Systems) is expected to:

• Drive Business Growth: Leverage his extensive experience to expand Titagarh’s presence in the freight rail segment.

• Strengthen Operational Efficiency: Enhance process optimization and strategy implementation within the division.

• Broaden Market Reach: Develop strategic collaborations with OEMs and business partners to accelerate growth.

Duration and Concluding Remarks

The Board of Directors meeting, where the decision was approved, commenced at 01:05 PM and concluded at 4:00 PM on March 29, 2025. The relevant information has been disclosed on the company’s website at www.titagarh.in in accordance with regulatory compliance norms.

Conclusion

The appointment of Shri Devendra Kumar Vyas as CEO (Freight Rail Systems) signifies Titagarh Rail Systems' commitment to strengthening its leadership team and enhancing operational capabilities in its freight rail business. The company is poised to benefit from Shri Vyas’ strategic expertise and proven leadership experience in the coming years.

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