Siemens has signed a 3 billion euro ($3.25 billion) contract to supply and service freight trains in India, the German engineering company said on Monday, the biggest locomotive deal in its history.
Siemens will deliver 1,200 electric locomotives and provide servicing for 35 years under the agreement, also its biggest ever in India.
"These new locomotives ... can replace between 500,000 to 800,000 trucks over their lifecycle," said Siemens Mobility CEO Michael Peter. "India is looking for technology, better efficiency, and longer lifespan for its trains," he said in an interview. "In the past India built their own trains, but they want to increase reliability and average speeds."
Peter was confident about reaching Siemens's goal of increasing revenue at the mobility business by 6-9% this year, although this contract would mainly appear as orders in 2023. He said profit margins were in line with what he expected for rolling stock, declining to comment further.
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