Midas’ joint venture (JV) company CRRC Nanjing Puzhen Rail Transport (NPRT) has won a contract worth CNY543m ($78.5m) from Shanghai Rail Transit Line Two Development in China for the supply of metro train cars.
The contract was awarded for the Shanghai Metro Line 2, and delivery of the cars is set to take place next year between January and November.
Line 2 comprises the east-west line of the Shanghai Metro network and features a length of nearly 64km, running from East Xujing in the west to Pudong International Airport in the east.
Shanghai Metro Line 2 has a daily ridership of almost 1.5 million.
Midas executive director and CEO Patrick Chew said: “NPRT’s new contract win reflects the continued demand for its services in the PRC, as well as NPRT’s competitive advantage in the railway transportation industry.
“We are optimistic that NPRT is well-positioned to expand its market share as new opportunities continue to emerge in China’s rail sector.”
The company has a 32.5% equity stake in NPRT, which is a Sino-foreign JV that develops, manufactures and sells metro trains, bogies, and their related parts.
Midas manufactures aluminium alloy extrusion products for the passenger rail transportation sector in China.
The company has previously secured contracts such as the Beijing-Tianjin High Speed Train Project, and the CRH3-380 inter-city high speed trains project.
Its main customers are CRRC and global train manufacturers Alstom Transport, Siemens and Bombardier Transportation.