Iranian Railways and Hyundai Rotem signed a memorandum of understanding for provision of 150 railbuses through finance credit lines.
According to the agreement, the 150 railbuses will be manufactured based on finance credit acceptable to the Central Bank of Iran and the Ministry of Economy which will be opened by the Hyundai-Rotem Company.
The Korean and Japanese companies have agreed to manufacture the railbuses jointly with Iranian companies and then sell them at a reasonable price to Iranian Railways under a rent-for-sale contract.
Hyundai-Rotem Company had already signed the contract for joint manufacturing of another 150 railbuses with Iran’s Iranian Rail Industries Development Company (IRICO) and thus far 17 of them have been delivered to Iranian Railways and put into use in the country’s railways network.
Photo: An IRICO manufactured railbus