Russian Railways, Sinara Group, Ural Locomotives, Siemens to build up production of trains for high-speed railways in Russia

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AK&M 21 October 2020 20:16

Russian Railways, JSC Sinara Group, Ural Locomotives LLC and Siemens Mobility have concluded an agreement of intent to contribute to the development of high-speed rail transport in Russia, Russian Railways informed.

The document was signed by Dmitry Pegov, Deputy Managing Director of Russian Railways, Alexander Liberov, President of Siemens in Russia, Dmitry Pumpyansky, President of the Sinara Group, and Oleg Spai, Managing Director of Ural Locomotives.

The partners plan to assess jointly the market demand for high-speed electric trains to serve passengers on new high-speed railway lines which the Russian Federation intends to build in the coming years. The overall goal is to develop a technical and commercial proposal for these trains and to create conditions for the production of high-speed trains by the Russian manufacturer Ural Locomotives in Russia for the local market and with a localization level of at least 80%, the statement notes.

Russian Railways is one of the world's top three railway operators. The company started operation on October 1, 2003. The founder and sole shareholder of JSC Russian Railways is the Russian Federation. The Government of Russia exercises the shareholder's powers on behalf of the Russian Federation. The company's assets were formed by contributing assets of 987 state-owned federal railway transport organizations to the authorized capital of JSC Russian Railways at book value. The company's authorized capital is RUB 2,315,846,775,000 and consists of 2,315,846,775 shares.

IFRS net profit of Russian Railways for 2019 increased 4.4 times to RUB 155.738 billion from RUB 35.408 billion a year earlier. Revenue increased by 3.9% to RUB 2.507 trillion from RUB 2.413 trillion. Profit before tax amounted to RUB 193.437 billion against RUB 68.398 billion.