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Siemens might look into buying stakes in RZD assets in future
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Wednesday, 19 Oct 2011

Interfax cited Mr Peter Loscher CEO of Siemens as saying that German concern Siemens AG might consider purchasing stakes in OJSC Russian Railway assets in the future.

Mr Loscher said that Siemens is primarily interested in assets in the transport manufacturing sector. He said that "We are currently not interested in buying shares in such companies but I wouldn't rule this out for the future,"

He added that in the framework of Siemens' plan to expand operations in Russia, the company will look into building enterprises from scratch or acquiring companies

He declined to comment what enterprises are interesting for Siemens.

Siemens currently is working in partnership with Sinara Group in a joint venture in the Sverdlovsk region. The JV will produce railcars for Lastochka electric locomotives.

The first two Lastochka locomotives will be produced in the first half of 2014. By 2013, the construction and commission of production sections at Urals Locomotives should be finished. By 2015, the plant will start batch production of Lastochka locomotives.

The JV and RZD agreed on the price for the supply of 240 Desiro electric locomotives at 2.1 billion euro. The level of localization for production at the JV should reach 80% by 2017.

(Sourced from Interfax)

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