Yahoo Finance Alstom Shares Rise After Securing Metro Train Orders in India
By Scott Kanowsky
Investing.com -- French high-speed rail maker Alstom (EPA:ALSO) has secured a €387M order to supply trains to two large-scale subway projects in India.
The agreement will see Alstom oversee the design, manufacture, and installation of train cars and telecommunications systems for metro developments in the Indian cities of Bhopal and Indore that are set to serve an estimated 5.7M people.
A combined total of 156 of its Movia trainsets will be provided to the cities. These carriages feature propulsion and braking systems that aim to reduce energy consumption, according to Alstom.
The company will also provide 15 years of maintenance of the trains.
The deal comes as Alstom looks to strengthen its presence in India, as the country pursues a massive plan to modernize and expand its vast and aging railway system.
Alstom has previously delivered Movia metro trains to other cities around the world, including London, Delhi, and Singapore.
Shares in Alstom were higher in late afternoon trading, following the announcement.
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