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Russian Railways, Siemens, Aeroexpress to set up joint venture
15.07.2010
Russian Railways, Germany's Siemens and Aeroexpress LLC have signed a memorandum on setting up a joint venture to produce, sell and service electric trains. The document was signed as part of the Russian-German forum in Yekaterinburg, attended, among others, by Russian President Dmitry Medvedev and German Chancellor Angela Merkel. Russian Railways and Siemens also signed a separate memorandum of understanding to join efforts to upgrade railroad yards.
According to earlier reports, the companies planned to agree on the supply of 240 Desiro trains, with the deal's value zeroing in on EUR 2.2bn. The deliveries will span the next decade. Siemens is expected to deliver its first train to Russia in late 2011, and begin locating some of its operations in Russia in 2012.
Currently, Siemens and Russian Railways are partners in the High Speed Train project, with Sapsan train service launched in its framework.
www.rbcnews.com
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