France’s Alstom win $3bn Indian railroad deal
France’s Alstom engineering firm has won a contract worth USD 3 billion to modernize India's huge railroad network which dates back to the country’s colonial era.
A senior official at India’s Ministry of Railways revealed on Tuesday that Alstom will supply the South Asian country with 800 electric locomotives and build a factory in the eastern Indian state of Bihar as part of a contract, which is expected to be signed in a month, AFP reported.
The Indian government announced late Monday that it has also awarded a USD 2.6-billion contract to General Electric (GE) to develop Indian Railways by supplying it with 1,000 diesel locomotives over a period of 11 years.
"GE will manufacture 1,000 diesel locomotives while Alstom has been picked for 800 electric locomotives meant mainly for heavy haulage," the official, who spoke on condition of anonymity, added.
Meanwhile, the Press Trust of India news agency said the Alstom deal is worth 200 billion rupees (USD 3 billion).
A statement on the Indian government website noted that the Alstom and GE deals signified "a giant leap forward in ‘Make in India’ drive," which is considered as Prime Minister Narendra Modi's flagship manufacturing initiative.
India enjoys a vast but crumbling railroad network, which has received special attention under Modi's government.
The country’s Railways Minister Suresh Prabhu had pledged to spend around USD 137 billion to modernize the network over the next five years.
As a part of this drive, the Indian government last year allowed 100 percent foreign direct investment (FDI) in the railway sector.
India's government also announced on Tuesday that it is planning to open up the country’s economy to foreign investment though sweeping liberalization of the country’s foreign direct investment (FDI) regime in order to attract foreign capital
The locomotives under the new deals will be highly fuel efficient "which will bring savings in fuel costs on Indian Railways," the government statement said, adding, "These locomotives will be equipped with latest technology like electronic fuel injection system, motor driven blowers and compressors ... (and) noise control to the latest standards."
Pezeshkian says seeking to prevent conflict expansion as Modi blasts Israel’s genocide
Putin: BRICS, not the West, will drive global economic prosperity
Party opposed to India’s stripping Kashmir’s autonomy wins key vote
Iran activated new centrifuges in response to IAEA resolution: Parl. speaker
Nov. 23: ‘Axis of Resistance’ operations against Israeli occupation
Lindsey Graham threatens to sanction US allies backing ICC arrest warrants
VIDEO | Tens of thousands of Catalans protest to demand access to better housing
Israel launches air strikes on Syria-Lebanon border crossing
Russia: Comprehensive deal with Iran will include defense, security ties
VIDEO | Israeli embassy shooting in Jordan leaves gunman dead, 3 police injured
VIDEO | Paris march in support of Palestine women
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
