Nanjing SR Puzhen Rail Transport (NPRT) has secured two rail car contracts worth RMB1.11bn ($181.74m) from Suzhou Rail Transit and Nanjing Metro in China.
Under the first contract with Suzhou Rail Transit, worth RMB520m ($85.14m), NPRT will supply 17 train sets, or 85 train cars, for the Suzhou Rail Transit Line 2 Extension.
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NPRT will also supply 13 additional train sets, or 78 additional train cars, to Nanjing Metro Line 1 under the second contract worth RMB590m ($96.6m) with Nanjing Metro.
The company is a Sino-foreign joint venture (JV) engaged in the development, manufacture and sale of metro trains, bogies and their related parts.
According to Midas Holdings, which has a 32.5% equity stake, the train cars will be delivered between 2015 and 2016.
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Midas Holdings CEO Patrick Chew said: "We are delighted that NPRT has ushered in a strong start to 2014 with contracts worth RMB1.11bn, underscoring the continued health of the PRC metro train sector.
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By GlobalData"As an established market player, NPRT is well-positioned to capture and benefit from this healthy growth."
