Iran, South Korea in €720m Rail Deal

Iran Rail Industries Development Company (IRICO) and South Korea’s Hyundai Rotem have signed a contract to jointly manufacture diesel rail-cars for public transport in suburban Tehran.

The €720-million contract was signed during a ceremony in the Iranian capital, Tehran, attended by Iran’s Minister of Roads and Urban Development Abbas Akhoundi.

Hyundai Rotem will produce 150 cars in South Korea, with another 300 to be assembled in Iran by IRICO under a technology transfer agreement.

Delivery will take place over 6-and-a-half years.

(Sources: Hyundai Rotem, Railway Gazette, Tasnim)

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