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Corporate Reports

Siemens sets its sights on Moscow metro overhaul

German engineering giant Siemens has said it is planning to team up with a Russian partner to join bidding procedures for an overhaul of Moscow's metro network. It expected possible orders to be big and lucrative.

Siemens announced on Friday that it would set up a joint venture with the Russian Machines Corporation to increase its chances in the bidding process for the large-scale modernization of Moscow's metro system.

The German company reported that together with its partner it was willing to invest 160 million euros ($216 million) in the cooperation project to be based in the Russian capital, adding the joint venture would employ up to 800 people.

Moscow authorities had indicated they needed to overhaul its metro train fleet, planning to order up to 2,000 new wagons.

Ambitious targets

Siemens posts healthy full-year results

Should Siemens and Russian Machines Corporation be able to land a contract, some 80 percent of production work would have to be done on the ground, with the rest of the job to be carried out in a Siemens facility in Vienna, Austria, the firm explained.

Siemens has been cooperating with a number of Russian business partners for many years and has succeeded in securing big orders.

Another huge order from Russia would certainly help the Munich-based German firm to its ambitious full-year forecast which it presented earlier this week after solid first-quarter results, with the firm running its business year from October to September.

hg/msh (dpa, Reuters, AFP)

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