Siemens, a capital goods company, announced on Monday that it has signed a contract worth Rs 26,000 crore to manufacture 1,200 electric freight locomotives for the Indian Railways.
This is the largest order in the company’s history and will be used for freight transport.
The locomotives will have a maximum speed of 120 km/h and will be able to haul loads of 4,500 tons.
The 9000 horsepower electric locomotives will be built in India using Siemens Mobility technology. Deliveries will take place over an 11-year period and the contract also includes 35 years of full-service maintenance.
The locomotives will be assembled at the Indian Railways factory in Dahod, Gujarat and maintenance will be done at depots in Visakhapatnam, Raipur, Kharagpur, and Pune.
The assembly and maintenance will be done in collaboration with Indian Railways staff. According to Siemens CEO, Roland Busch, this order will aid Indian Railways in achieving its goal of creating the world’s largest green rail network and will save more than 800 million tons of CO2 emissions over the locomotives’ lifetime.
On Monday, Siemens’ stock closed at Rs 2,943.60 per share on the BSE, a decrease of 0.81% from the previous day’s close.
In the past year, Siemens’ stock has risen by 24% on the BSE, while the benchmark BSE Sensex has dropped by 2% in the same period.
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