Rail.One specialises in the design and production of concrete sleepers and ballastless track including Rheda 2000 concrete slab track for high-speed lines, Rheda City for light rail applications, and Getrac asphalt track. Last month, Rail.One announced plans to invest €15m to set up a concrete sleeper plant in Clinton, Iowa, and a US subsidiary.

PCM also produces concrete sleepers for the Indian market, where it has three plants, while it has a heavy-haul concrete sleeper plant in Saudi Arabia which has supplied sleepers for the North-South Railway project. The company also produces turnouts and level crossings, and conducts flash-butt welding of rails.

"This is a giant step for PCM Group and this acquisition has made us world's leading conglomerate in railway infrastructure," says Mr Kamal Kumar Mittal, chairman of PCM Group.