Siemens spurts after forming JV with Tata company for developing metro corridor

Siemens jumped 4.16% to Rs 2,453.90 after the company announced that a joint venture between TRIL Urban Transport (a Tata Group Company) and Siemens Project Ventures GmbH won an order from Pune Metropolitan Region Development Authority.

The project will be carried out under Public Private Partnership Route (PPP). The joint venture has formed a special purpose company called Pune IT City Metro Rail. The elevated metro line connects Hinjewadi Rajiv Gandhi Infotech Park to Shivajinagar via Balewadi. The 23.3 kms corridor with 23 stations will be the first metro project in India under the New Metro Rail Policy.

A consortium between Siemens AG, Siemens Mobility GmbH, Siemens Limited and Alstom Transport India has been awarded the contract for the electrical and mechanical system works of the project by Pune IT City Metro Rail. The project is to be completed in 39 months. Siemens being a part of the consortium will provide project management, turnkey electrification, signaling, communications and depot works (equipment) for the project. The order size of Siemens is to the extent of Rs 900 crore (approximately).

 

Sunil Mathur, MD and CEO of Siemens said, We would like to thank the Pune Metropolitan Region Development Authority for awarding this project to us. Siemens is a leader in providing state-of-the-art metro rail solutions globally. Pune Metro is a prestigious project, and Siemens is glad to be partnering with the Tatas to jointly develop this project. We are confident that the new metro line will play a key role in positively impacting the quality of life of Pune's citizens to transform their everyday.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.

The company reported a 3% decline in standalone net profit from continuing operations to Rs 323 crore in quarter ended September 2021 from Rs 333 crore posted in the same quarter last year.

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