The Russian news agency TASS has reported that India is set to sign a $6.5 billion deal with a Russian firm for the purchase of 120 Vande Bharat Express trains.
Russian-based Transmashholding (TMH) has won the bid for the production, supply and maintenance of 120 Vande Bharat Express trains, Russian news agency TASS reported.
The contract is expected to be signed between Indian Railways and TMH by June 1 this year. The Indian Railways will pay $1.8 billion for supplying the trains and another $2.5 billion for their maintenance over a period of 35 years. Considering indexation, the total value of the contract could be as much as $6.5 billion, the news agency said.
“The decision has been made, but the document itself has not been signed … [it will be signed – TASS) within 45 days from March 29,” chief executive officer Kirill Lipa of TMH said.
The Russian company took part in the tender process jointly with the Indian state construction and engineering company RVNL. It ...