Midas Holdings‘ joint venture company CRRC Nanjing Puzhen Rail Transport (NPRT) has secured four contracts with a cumulative value of CNY3.3bn ($501m) in China for the supply of metro trains and trams.
The first was awarded by Suzhou Rail Transit Group for an amount of CNY1.88bn ($284m) for the Suzhou Rail Transit Line 3 project. As per the contract, the company will deliver low-floor light-rail vehicles (LRV) between 2018 and 2019.
NPRT will also supply trains for the 12.8km Hangzhou Metro Line 2 Phase 2 under the second awarded contract for CNY640m ($96m) with Hangzhou Metro Group. Deliveries on this order will begin this year and continue through to 2017.
The third contract was awarded by Honghe Prefecture Modern for CNY630m ($94m) to supply LRVs between 2016 and 2017 for Diannan Centre City Tramway Project.
NPRT’s final awarded contract was for CNY150m ($22m) from Suzhou New District Tramway for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 1 extension, with delivery expected between 2016 and 2017.
Midas’ CEO Patrick Chew said: "NPRT’s many contract wins reflects the continued demand for its services amidst China’s growing rail transportation network and NPRT’s competitive edge in the rail transportation industry.
"As a leading train manufacturer, NPRT maintains an active involvement in various rail opportunities, announcing approximately RMB4.6 billion in new projects in the year-to-date, which will underpin its contributions to Midas in the coming years.
"We are optimistic that NPRT is well-positioned to expand its market share as new opportunities continue to emerge in China’s rail sector."
Midas owns a 32.5% equity stake in NPRT, which manufactures and sells metro trains, bogies and their related parts.