New Delhi: Very soon Russia may invest and have its train and equipment manufactured in India to cater to its railway requirements back home after a Russian company expressed interest in the proposal, a report has said.
In response to a question about Russian investment in India’s railway sector, a senior government official said Russia has significant domestic needs, prompting them to establish manufacturing facilities in India. They aim to source supplies from India to meet these demands, Times of India reported.
TMH’s Plans for Indian Railway Manufacturing Facilities
Kirill Lipa, CEO of TMH, told Indian journalists at the company’s Moscow headquarters, that India’s current interest rates differ greatly from other countries, making it an attractive investment destination and they are interested in setting up several facilities in India to produce specific components, some of which may be supplied to the Russian market.
Highlighting Russia’s ongoing supply contracts with India, Lipa added, “We have a historically strong relationship with Indian suppliers, which positions us to expand imports from India into Russia.”
TMH, the majority stakeholder in Kinet Railway Solutions, has signed a contract worth approximately Rs 55,000 crore with Indian Railways to manufacture 1,920 Vande Bharat sleeper coaches and maintain them for 35 years. Kirill Lipa clarified that they are not looking to get any supplies from Russia for the Vande Bharat project.
Lipa added they have found suppliers in India and other countries that are oriented for the relationship between India and Russia and the sanctions on Moscow will not have any implications on the project.
