Print Edition - 2017-12-04  |  Money Digest

Iran signs $850m rail deal with South Korea firm


Dec 4, 2017-

South Korea’s Hyundai Rotem signed a $856 million deal with Iran on Saturday to manufacture 450 railbuses for suburban trains, Iranian state media reported. The deal was signed in Tehran between Hyundai Rotem, a unit of Hyundai Motors, and Railways of Islamic Republic of Iran at a ceremony attended by Iranian Transport Minister Abbas Akhoundi. The deal, financed by the South Korean side, will create 1,000 direct jobs and 1,700 indirect jobs in the Islamic republic, state news agency IRNA quoted Akhoundi as saying. Iranian Rail Industries Development Company will build 300 rail buses, under Hyundai supervision, with the remaining 150 to be manufactured in South Korea. The project is to last last six years and a half with the first batch of self-propelled suburban rail buses to be “delivered in a year and a half,” according to Said Mohammadzadeh, CEO for the state railways. 

Published: 04-12-2017 08:43

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