TMH signed an agreement with RVNL for the production of electric trains for India
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“Transmashholding” and a subsidiary of Indian Railways, Rail Vikas Nigam Limited (RVNL), signed a shareholder agreement, the Russian holding said in a statement.
“The agreement provides for the creation of a joint venture Kinet Railway Solutions ltd, which will implement a project involving the supply and subsequent maintenance of Vande Bharat trains for the needs of Indian railways. According to the document, the Indian side will own 25%, the Russian side – 75% of the joint venture being created,” the statement says.
TMH and RVNL were awarded the right to produce 120 16-car Vande Bharat long-distance electric trains worth $1.7 billion following a tender organized by the state-owned Indian Railways. Its results were summed up on March 1, 2023.
Electric trains must be produced on the territory of India in the city of Latour (Maharashtra), within 5 years from the date of signing the contract. Subsequent service maintenance of equipment should be carried out within 35 years.
The next step in the implementation of the project should be the signing of a contract with Indian Railways.
This deal is the first for TMH contract in the Indian market and the largest in monetary terms and in terms of the number of ordered rolling stock.
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