Hyundai Rotem, a tank and train-making affiliate of Hyundai Motor Group, signed a business agreement worth some 900 billion won ($831.1 million) with Iran for passenger rail cars production, the company said Sunday.
Iran’s state-run rail Iranian Rail Industries Development and Hyundai Rotem will manufacture 450 diesel-powered rail cars for commuters in the next 78 months.
The diesel cars will run about 960 kilometers, connecting the capital Tehran and its suburbs, the company said.
A total 300 cars will be made by IRICO and Hyundai Rotem, while 150 cars will be produced at Hyundai Rotem‘s Changwon factory in South Gyeongsang Province.
Capital required for production will be supplied by Hyundai Rotem, while IRICO will purchase the trains made.
The latest agreement is expected to create some 4,700 new job opportunities in Iran.
By Kim Bo-gyung (firstname.lastname@example.org