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MOSCOW, February 1 (Itar-Tass) - Russian industrial corporation Russian Machines and Siemens signed documents Friday to set up a joint venture (JV) that will partake in a tender for new rolling stock supplies to Moscow's metro, the companies said in a joint news release. Investments in the project are planned at $160 million.
The new company’s headquarters is to be located in Moscow.
The tender was announced as Moscow authorities are going to modernize metro rolling stock and buy more than 2,000 coaches. A future manufacturer's location in Russia may be one of the competitive edges, goes the release. If the partners win the tender, production will start at a site in the Moscow Region.
By 2017 the JV is planned to achieve a localization of 80 percent with support from Siemens’ carriage plant in Vienna.