RZD International and Ircon International Limited, a subsidiary of Indian Railways signed a Memorandum of Understanding for the development of railway infrastructure projects in India.
The two companies have agreed to establish a joint working group to find possible ways of developing perspective projects.
According to the document, the companies express their readiness to establish mutually beneficial relationship for railway development. The group will identify, plan, and implement the railway infrastructure projects in India. In addition, under the MoU, RZD International and Ircon International will explore the opportunities for joint development of railways and other infrastructure projects in Asia, Africa and Latin America.
The Memorandum of Understanding was signed by the Provisional Director General of RZD International, Sergey Stolyarov and the General Manager for Business Development of Ircon, Parag Verma.
“Ircon has been constantly looking to establish strong partnership with the companies, where we can mutually benefit from our expertise. This MoU is a step towards building a long-term business relationship which will help us to enhance our presence in different geographies,’ said Sunil Kumar Chaudhary, Ircon Chairman.
Russia is consolidating its position on India’s railway market, as Russian Railways and Indian Railways have signed several agreements during the recent years.
In 2017, RZD entered into an agreement with India’s Ministry of Railways for the development of a feasibility study to increase the train speed on the Nagpur – Secunderabad line through the transformation of the railway infrastructure.
In January 2020, Russian Railways completed to the study for the 581-km line between Nagpur and Secunderabad which will be reconstructed to allow passenger train speeds of 200 km/h from currently 56 km/h. The project is important to increase railway transport market share by offering faster and safe transport services. Under this project, the travel time will be reduced by 6 hours, from 10 to 4 hours.