French company doubles stake in Kazakh JV
Baku, Azerbaijan, Feb. 12
By Elena Kosolapova - Trend:
Alstom and Kazakhstan Temir Zholy (KTZ) JSC has closed the deal of Alstom's acquisition of an additional 25 percent in the Elektrovoz Kurastyru Zauyty (EKZ) joint venture (JV), formed by Alstom, KTZ and Transmashholding (TMH) to produce electric locomotives in Kazakhstan, according to the press service of the company.
Alstom is a French multinational company operating in the worldwide rail transport markets, active in the fields of passenger transportation, signaling and locomotives.
Alstom has become the main shareholder of EKZ with 50 percent of the shares, with KTZ and TMH both holding 25 percent of the joint venture. Alstom, which held one seat in the EKZ board of directors, will now have two.
Alstom and EKZ also signed an agreement for the production of on-board transformers for the electric locomotives at its factory in order to become a significant manufacturer for such components for Alstom.
The production at EKZ will start in the first half of 2016, and the project is planned to be launched the same year. The plant should manufacture 200 transformers per year. This project will allow creating over 100 local jobs.
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