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03 JANUARY 2018 AL CIRCLE

Midas’ JV unit clinches contracts worth RMB2.68 billion for supply of metro train cars

EDITED BY : HEENA IQBAL 1MINS READ

Midas Holdings Limited announced that CRRC Nanjing Puzhen Rail Transport Co., Ltd. has secured three metro train car supply contracts worth RMB2.68 billion in China.

Midas, the leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector, has a strategic 32.5% stake investment in CRRC Nanjing Puzhen Rail Transport Co., Ltd., a manufacturer of metro trains, bogies and related parts.

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The first contract was awarded by MTR Technology Consultation (Shenzhen) Co., Ltd. for the Shenzhen Line 4 Phase 3 Project. Delivery is scheduled between February 2019 and September 2020.

The second and third supply contracts were jointly awarded by Hangzhou Metro Group Co., Ltd. and Hangzhou Hangfu Rail Transit Co., Ltd. for the Hangzhou Metro Line 6 Phase 1 Project and Hangzhou-Fuyang Inter-city Metro Project. Deliveries for both contracts are scheduled between September 2018 and August 2019.

Mr. Patrick Chew, Executive Director and Chief Executive Officer of Midas, said, “With China’s continued expansion of its domestic rail network to cater to cities with growing urbanisation and rising populations, we are confident that NPRT will continue to leverage its established track record and strengthen its market position in China’s rail industry.”


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EDITED BY : HEENA IQBAL 1MINS READ

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