Russia's biggest train producer for rail transport, Transmashholding, has signed a shareholder agreement with India's Rail Vikas Nigam Limited (RVNL) on the establishment of the joint venture Kinet Railway Solutions ltd.
Report informs via Russian media that the new venture will be engaged in the supply and servicing of Vande Bharat trains in India.
According to the document, a total of 120 electric long-distance trains with sleeping accommodations will be produced. The production of the train will be launched in the Indian city of Latura, within five years from the moment of signing the agreement. The maintenance services will be provided for 35 years.
According to Interfax, the Russian side will own 75% of the created joint venture and the Indian side will hold 25%. The cost of the project is $6.5 billion.