RUSSIA: Transmashholding and Hitachi signed an agreement on May 21 to form a joint venture to manufacture traction inverters for the CIS market. Transmashholding will own 51% of the 375m rouble capital and Hitachi 49%.

The joint venture is expected to produce up to 200 inverters a year at the Metrowagonmash factory in Mytishchi for use in passenger railway vehicles.

Hitachi has previously supplied electrical components for metro trains that TMH subsidiary Metrowagonmash manufactured for Sofia, St Petersburg and Budapest.

‘We hope that [the joint venture] will become a catalyst for the development of our railway business line, as well as expand our presence in the markets of Russia and CIS countries’, said Kiyoshi Nakata, Deputy Chief Operating Officer, Railway Systems, at Hitachi.