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Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday.
Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.
In 2010, Hyundai Rotem secured a 350 billion won deal to build 90 subway trains for Ukraine Railway Speed Co. It has also been providing 24-hour maintenance services for the trains in Ukraine.
Hyundai Motor owns a 43.4 percent stake in Hyundai Rotem, which offers railway and defense systems as well as plant equipment. Morgan Stanley Private Equity also has a share of 24.8 percent in the firm.
By Shim Woo-hyun (ws@heraldcorp.com)
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