AKIPRESS.COM - Russia’s largest manufacturer of rolling stock for rail transport, Transmashholding, has signed a shareholder agreement with the Indian company Rail Vikas Nigam Limited (RVNL) to establish a joint venture, Kinet Railway Solutions ltd. The new company will supply and maintain Vande Bharat trains in India, Kommersant reported.
On the signing of the agreement to Russian Prime Minister Mikhail Mishustin told Director General of Transmashholding Kirill Lipa during a visit to the Ulan-Ude Locomotive Car Repair Plant. According to the document, a total of 120 long-distance electric trains with berths will be produced. The production of rolling stock will be launched in India, in the city of Latour, within five years from the date of signing the contract. Service maintenance of equipment will be carried out for 35 years.
According to Interfax, the Russian side will own 75% of the joint venture being created, while the Indian side will own 25%. The General Director of Transmashholding noted that the company, together with colleagues from Indian Railways, won the largest tender in the history of the railway – for $6.5 billion. The next stage of the project should be the signing of a contract with Indian Railways.
Transmashholding is the largest developer and manufacturer of modern multi-unit rolling stock in Russia. The company is engaged, in particular, in the design of rolling stock and digital traffic control systems. It supplies passenger trains and wagons, metro trains, locomotives, engines and components to rail operators and manufacturers in 30 countries.