Transmashholding, Rail Vikas Nigam Ltd sign agreement to supply trains for Indian railways
ULAN-UDE. July 25 (Interfax) - Transmashholding and India's Rail Vikas Nigam Limited (RVNL) have signed a shareholder agreement in New Delhi.
The agreement envisages establishing the Kinet Railway Solutions Ltd joint venture, which will implement a project for 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% and the Russian side will own 75% of the established JV. Transmashholding and RVNL received the right to produce 120 16-car long-distance electric trains with Vande Bharat sleepers following a tender organized by the Indian Railways state enterprise, and whose results were summarized on March 1, 2023.
The rolling stock should be produced in the Indian city of Latour, Maharashtra, within five years from the date of signing the contract. Subsequent service maintenance of equipment should be carried out during 35 years.
The next stage of project implementation is the signing of a contract with Indian Railways.
Transmashholding is Russia's largest developer and manufacturer of modern multi-car rolling stock. TMH Engineering and TMH Engine Building Center work on creating new product samples, as operating within the Transmashholding Group, whose divisions are located in 10 cities and have more than 1,300 employees.
Kirill Lipa, CEO of JSC Transmashholding, told Russian Prime Minister Mikhail Mishustin about the signing of the agreement during his visit to the Ulan-Ude Locomotive Car Repair Plant.
"I would like to take advantage of your presence today, your visit, in order to report that our company, Transmashholding, is developing not only in Russia, but also in foreign markets. Yesterday, we had, I would say, a landmark event, as a joint venture was created with India," Lipa said.
Lipa noted that the company, together with colleagues from Indian Railways, won the largest tender in the history of the railway "for $6.5 billion, which involves the supply of railway cars over the next four years and 35 years of service."
"This is the first time that we have entered the Republic of India, and Russia's Foreign Affairs Ministry and Industry and Trade Ministry are providing us with much support. This also opens up very large prospects for international cooperation for us," Lipa said.
Congratulating the company, Mishustin noted that this was the result of diligent and many years of work. "Of course, it is necessary to concentrate all the scientific, technological, and industrial potential in order to fulfill the order and look at new markets where it is possible to operate. Safe travels," the prime minister said.