Midas Holdings’ joint venture company Nanjing SR Puzhen Rail Transport (NPRT) has secured three metro and tram contracts in China worth CNY2.1bn ($342m).

The first is a CNY971m ($156m) metro train supply contract and was awarded by Hefei Urban Rail Transit for the Hefei Rail Transit Line 2.

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Shanghai Rail Transit Line 8 Phase III Development has awarded the second contract worth CNY808m ($130m) to NPRT and its consortium partners for the Shanghai Metro Line 8 Phase III.

"The two sizeable metro train contracts bring a healthy boost to NPRT’s order books, and the tram car supply contract offers diversification to its portfolio."

Suzhou New District Tramway has awarded the CNY326m ($52m) contract for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 2.

According to the company, delivery of the metro trains and trams is scheduled between 2016 and 2017.

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Midas executive director and chief executive officer Patrick Chew said: "The new contracts reinforce NPRT’s competitive advantage in the PRC transportation industry, and further demonstrate its ability to forge strategic alliances in the pursuit of new business opportunities.

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"The two sizeable metro train contracts bring a healthy boost to NPRT’s order books, and the tram car supply contract offers diversification to its portfolio.

"Modern low-floor trams are an effective solution suited to the transportation needs of small and medium-sized People’s Republic of China (the PRC) cities and can also serve as a feeder service connecting to major metro lines."

Midas holds a 32.5% stake in NPRT, which is involved in the development, manufacturing and sale of metro trains, bogies and other related parts.