German industrial giant Siemens wins a $1 billion tender to supply Israel Railways with hundreds of electric rail cars, a statement to the Israeli stock market says.
Under the terms of the deal, which has yet to be signed, Siemens will provide 330 double-deck electric units, Israel Railways says in a statement to the Tel Aviv stock exchange.
Siemens will receive NIS 3.83 billion ($1.08 billion) for the provision of the rail cars, set to take place over five years beginning in 2020, as well as for their maintenance in a southern Israeli depot.
The deal is part of Israel Railways’ move to switch its fleet from diesel to electricity-powered trains, a statement from the company reads.
The trains will also be used on a new line being constructed between Tel Aviv and Jerusalem, hoped to be operational in the first part of next year.
— AFP
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