MNA– Iran’s Industrial Development & Renovation Organization (IDRO) has signed a €2.5bn contract with Russian Transmashholding Company to establish a joint venture for manufacturing metro wagons.

Under the contract, Iran and Russia will cooperate on designing, research and development, manufacturing and maintenance and various types of metro wagons. The agreement also predicts testing, distribution, technology transfer, and supply of passenger wagons, including the metro wagons.

Transmashholding, which is the largest manufacturer of locomotives and rail equipment in Russia. will provide 80 percent of the 2.5 billion euro agreement.