94 Siemens India is set to sign an agreement with the Indian Railways to manufacture and maintain 1,200 electric freight locomotives with a horsepower of 9,000 each. The contract, worth approximately INR 26,000 crore (around 3.2 billion USD), will be carried out at the Dahod, Gujarat factory over a period of 11 years and includes maintenance of the locomotives for 35 years. The contract excludes taxes and price variation. As part of the agreement, Siemens will manufacture prototype locomotives in Dahod over the next two years, with the unit being entirely constructed for manufacturing purposes during that time. The locomotives will then be maintained at four maintenance depots – Visakhapatnam, Raipur, Kharagpur, and Pune – for 35 years, with the railways’ manpower being utilized for this purpose. You Might Be Interested In Maybank IB partners with Broadridge to co-create securities borrowing and lending technology Stocks concluded the session with gains as prospects of a Federal Reserve pause improved Oxyle secures major funding to combat water pollution crisis DexCom and Abbott Laboratories Defy Weight-Loss Drug Concerns with Strong Performance in Diabetes Devices When is Tesla Planning to Enter Indonesia? In the wake of the IT recession, Thoma Bravo LLC agrees to Coupa Software’s $8 billion takeover
