BUSINESS

Hyundai Rotem wins 1 trillion won deal in India

By Korea Herald
  • Published : Apr 2, 2013 - 20:03
  • Updated : Apr 2, 2013 - 20:03

Hyundai Rotem, a local train maker affiliated with Hyundai Motor Group, said Tuesday that it recently won India’s largest-ever train project worth about 1 trillion won ($900 million).

The company is to deliver a total of 636 trains by 2017 to the state-run Delhi Metro Rail Corporation for the city’s two new subway lines, Nos. 7 and 8.

The competition to win the lucrative deal was fierce, with global big names such as Canada’s Bombardier, France’s Alstom and Germany’s Siemens heating up the race.

Hyundai Rotem, though a relative latecomer to the market, said it could outpace its powerful rivals, especially the world’s largest train maker Bombardier, with its advanced power efficiency technology.

With the new deal, the Korean company now claims 60 percent of the train market in India, beating the previous leader Bombardier.

“The latest deal proves our technology and product quality. It has become more likely for us to secure additional orders in India,” said a Hyundai Rotem official.

Hyundai Rotem secured more than 2 trillion won in orders from overseas projects out of the total 3 trillion won in orders it logged last year in three business areas ― rail, plant and machinery.

By 2017, the company aims to elevate its global market share to 5 percent that would allow it to become one of the five biggest players in the 70 trillion won global train market.

By Lee Ji-yoon (jylee@heraldcorp.com)


LEADERS CLUB