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Iranian Rail inks Hyundai partnership deal

TEHRAN, March 5, 2016

Iranian Railways Company has signed up South Korea's Hyundai-Rotem Company to provide 150 railbuses, said a report.

As per the agreement, these companies will manufacture the railbuses jointly with Iranian companies and then sell them at a reasonable price to the Iranian Railway Company under a rent-for-sale contract, reported the IRNA.

The production of railbuses will be done based on the finance credit acceptable to the Central Bank of Iran and the Ministry of Economy which will be opened by the Hyundai-Rotem Company, it stated.

The duo has already signed the contract for joint manufacturing of another 150 railbuses with Iran's Irico and thus far 17 of them have been delivered to the Iranian Railways Company and put into use in the country's railways network, the report said.




Tags: Iran | Hyundai | Rail | partnership |

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