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Hyundai Rotem bags $1 bn deal to build trains for Australia

Collected: 2016.08.19

Distributed: 2016.08.22

Source: Go Direct

[Photo by Hyundai Rotem]

South Korea’s Hyundai Rotem Co., locomotive and rolling stock unit of Hyundai Motor Group clinched a deal worth about 1.1 trillion won ($993 million) to supply train sets for inter-city railway in Australia.

According to the company Thursday, the deal is the first from Australia and its largest-ever overseas contract. Under the agreement concluded with the Ministry of Transport and Infrastructure of New South Wales, the Korean train maker will supply 512 double-decker carriages which worth up to 889.4 billion won. Combined with an option to supply additional 136 cars, the deal would value up to 1.1 trillion won. The previous record was $1 trillion won worth project in India to supply 635 electric multiple units (EMUs) for the third phase of Delhi Metro, India’s largest EMU project in 2013.

Hyundai Rotem designed a prototype that can cut travel time by 30 minutes and improve energy efficiency by 13 percent, which helped it elbow out competition from France, Switzerland and China, the company said. It teamed up with Australian engineering and construction company UGL Ltd. for the bid.

The double-decker train will link Sydney to the Central Coast, Newcastle, the Blue Mountain and the South Coast. The Korean company will begin delivering the first batch of trains in 2019 and complete its delivery by 2022.

The latest deal has paved the headway in the Oceanian and the double-decker carriage market, a company official said. Hyundai Rotem this year won more than 2.5 trillion won in overseas orders.

By Park Chang-young

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