France’s Alstom win $3bn Indian railroad deal
France’s Alstom engineering firm has won a contract worth USD 3 billion to modernize India's huge railroad network which dates back to the country’s colonial era.
A senior official at India’s Ministry of Railways revealed on Tuesday that Alstom will supply the South Asian country with 800 electric locomotives and build a factory in the eastern Indian state of Bihar as part of a contract, which is expected to be signed in a month, AFP reported.
The Indian government announced late Monday that it has also awarded a USD 2.6-billion contract to General Electric (GE) to develop Indian Railways by supplying it with 1,000 diesel locomotives over a period of 11 years.
"GE will manufacture 1,000 diesel locomotives while Alstom has been picked for 800 electric locomotives meant mainly for heavy haulage," the official, who spoke on condition of anonymity, added.
Meanwhile, the Press Trust of India news agency said the Alstom deal is worth 200 billion rupees (USD 3 billion).
A statement on the Indian government website noted that the Alstom and GE deals signified "a giant leap forward in ‘Make in India’ drive," which is considered as Prime Minister Narendra Modi's flagship manufacturing initiative.
India enjoys a vast but crumbling railroad network, which has received special attention under Modi's government.
The country’s Railways Minister Suresh Prabhu had pledged to spend around USD 137 billion to modernize the network over the next five years.
As a part of this drive, the Indian government last year allowed 100 percent foreign direct investment (FDI) in the railway sector.
India's government also announced on Tuesday that it is planning to open up the country’s economy to foreign investment though sweeping liberalization of the country’s foreign direct investment (FDI) regime in order to attract foreign capital
The locomotives under the new deals will be highly fuel efficient "which will bring savings in fuel costs on Indian Railways," the government statement said, adding, "These locomotives will be equipped with latest technology like electronic fuel injection system, motor driven blowers and compressors ... (and) noise control to the latest standards."
Japan, India criticize Biden for labeling them as 'xenophobic'
Indian opposition's social media head arrested over doctored video
Canada nabs three Indians over assassination of Sikh leader
VIDEO | Funeral of mother, son killed in Israeli strike on south Lebanon
VIDEO | The Rafah issue
Target Israel and we’ll target you: US senators warn ICC
Ball in Israel's court over Gaza ceasefire, Hamas chief tells Iran FM
Grossi says proposed ‘concrete practical measures’ to boost Iran-IAEA cooperation
UNICEF warns Rafah invasion to put 600,000 children at risk of catastrophe
Israel signals rejection of ceasefire proposal accepted by Hamas
US-Israeli espionage cell dismantled in Yemen
This makes it easy to access the Press TV website
