Track cleared for 120 Vande trains as JV members sort out differences
Rail Vikas Nigam (RVNL) and Russian firm JSC Metrowagonmash (TMH) have resolved their differences and formed a joint entity for the award of 120 Vande Bharat trains, ending months of uncertainty their disagreements had created.
RVNL on Tuesday informed the stock exchanges a share-purchase agreement had been signed among three companies. The joint venture had emerged as the lowest bidder for the manufacturing and maintenance of sleeper Vande Bharat trains in March.
The agreement has been signed among RVNL’s subsidiary Kinet Railway Solutions (the joint entity responsible for building the trainsets), RVNL, JSC Metrowagonmash, and JSC Locomotive Electronic Systems.
