Singapore’s Midas Holdings has announced that its joint venture company has won a $258m (RMB1.76bn) train cars order from Hangzhou Metro Corporation in China.

The JV company, Nanjing SR Puzhen Rail Transport, will supply 48 six-car metro train sets, a total of 288 train cars for the Hangzhou Metro Line 1 project.

Delivery of the vehicles is expected to begin in May 2011 and finish by August 2013.

Midas has a 32.5% equity stake in the JV company, which is a Sino-foreign joint venture.