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November 17, 2016

NPRT wins four new metro train car supply contracts worth $377m

Midas’ joint venture company CRRC Nanjing Puzhen Rail Transport (NPRT) has secured four new metro train car supply contracts worth a total of RMB2.59bn ($377m).

By Srivani Venna

Midas’ joint venture company CRRC Nanjing Puzhen Rail Transport (NPRT) has secured four new metro train car supply contracts worth a total of RMB2.59bn ($377m).

Nanjing Metro Operation awarded the first RMB0.65bn ($94.6m) supply contract for the Nanjing Metro Line 2 additional procurement project.

Delivery of the train cars is expected to take place between August 2017 and October 2018.

"NPRT’s slew of contract wins is a strong reflection of its competitive edge in the Chinese rail transportation industry."

NPRT secured supply contracts with a combined value of about RMB0.57bn ($82.9m) from Nanjing Metro Infrastructure to supply cars for two sections along the Nanjing-Gaochun Intercity Rail Project.

Shanghai Rail Transit Line Ten Development and Shanghai Metro First Operation have together awarded the fourth supply contract worth about RMB1.37bn ($199.4m) for the Shanghai Metro Line 10 Phase I additional procurement and Phase 2 project.

As part of this contract, NPRT will supply the rail cars between January 2018 and March 2019.

Midas executive director and CEO Patrick Chew said: “NPRT’s slew of contract wins is a strong reflection of its competitive edge in the Chinese rail transportation industry.

“With the latest orders, NPRT has accumulated over RMB7.17bn ($1.04bn) in new projects in the year-to-date, which we expect will positively benefit Midas in the years ahead.”

Midas has a 32.5% equity stake in NPRT, a Sino-foreign joint venture that provides metro trains, bogies and related parts.

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