Baku, Azerbaijan, Dec.1
By Fatih Karimov - Trend: Lack of liquidity has nearly shut down Iran's wagon production industry.
Iranian Rail Industries Development Company (IRICO), which is one of the largest wagon manufacturers in Iran, has a capacity to build 500 freight wagons and 200 passenger wagons per year, but financial problems have decreased its output noticeably, Iran's Fars news agency reported Dec. 1.
Mohammad Saeidi, Managing Director of IRICO, said the company's products meet European standards, but domestic buyers tend to buy second-hand wagons due to the budget deficit.
IRICO was initially established in 2003 as part of IranKhodro Industrial Group, for manufacturing different types of passenger coaches (such as regional passenger train, mass transit system, Light Rail Vehicle and Elevated Light Rail Transit) and freight wagons in Iran. IRICO's manufacturing plant is an area of 520,000 square meters in Zanjan province (North West of Tehran).
IRICO has started manufacturing Rail Cars since 2008 and at the moment is the premier Rolling stock manufacturer in the Middle East region.
Edited by CN