On 5 August 2024, VEB.RF and Tver Car Building Plant (a member company of the Transmashholding Group) entered into a loan agreement totalling RUB7.27bn.
Deputy Chairman of VEB.RF Daniil Algulyan: “The project will allow the plant to produce new electric trains using only domestic components. This is an important step toward developing machine building and rail transportation and offering a new level of passenger comfort. The project involves the creation of production capacities for various types of new cars in 2027 and is delivered on the basis of a cluster investment platform.”
The project delivery period is three years with completion by June 2027. Tver Car Building Plant is expected to expand mass production of Ivolga electric trains to comply with the increased passenger traffic given the Moscow government’s plans to extend the Moscow Central Diameters to other regions. The manufacturer will also start mass production of new one-deck T-size carriages with an increased passenger capacity and a higher level of comfort (wider aisles and larger sleeping berths). The plant will also launch production of new double-deck carriages improved in terms of quality and extended service intervals of up to 25,000 km.
The main project outcome includes building up of the entire process chain. The project’s aim is to arrange an abrasive blast cleaning site, to launch a carriage frame processing centre and an automated laser cutting service, to change turn-milling machines and paint spray booths and to install a putty grinding machine, and quality control and logistic equipment.
“The plant has been provided with a low-interest loan for 15 years”, General Director of Tver Car Building Plant and Chairman of Tver Regional Office of Soyuzmash of Russia Artem Ovelyan said. The total project value is RUB9.374m, including lending of RUB7.274m and co-financing for the remaining project costs.
VEB.RF is Russia’s leading development institution. The corporation invests in projects to make local life better, in particular, to modernise public transport, construct new schools, develop airports and launch new production facilities. VEB.RF’s investments are designed to improve quality of life in Russian cities and develop Russia’s economy. The IFRS financial statements for Q1 2024 specify that VEB.RF’s total assets and guarantee portfolio have exceeded RUB6trn, with the capital adequacy ratio exceeding 15%. In addition to its lending activities, VEB.RF is actively involved in providing guarantees and surety bonds in line with the strategic priorities and business model of Russia’s major development institution.
Transmashholding is the leading manufacturer of railway and urban rail transport in Russia and the CIS and a top five manufacturer in the world. The company provides a full range of products and services: from design and development of new rolling stock to modernisation, life cycle maintenance contracts and digital control systems. Transmashholding is a Russian company headquartered in Moscow. The holding company operates in over 30 countries, including 12 industrial and assembly sites in Russia.
Tver Car Building Company is the largest manufacturer in Russia and the CIS producing various types of locomotive hauled passenger carriages. The plant manufactures passenger carriages with a speed range of 160-200 km/h, special-purpose passenger carriages, and various types of goods wagons, electric trains and main-line locomotive bogies. The plant’s mission is to be a high-potential leader in manufacturing and technology and to produce high quality and safe products that meet the customers’ and passengers’ needs.
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