Siemens will own 50 percent of the joint venture, the companies said, while Alstom will supply Henri Poupart-Lafarge as chief executive, helping to counter criticism that France is giving up control of another national industrial icon.
The three major train and rail technology groups active in Europe have been looking at combining their businesses as larger Chinese state-backed rival CRRC embarks on a global expansion drive.
"Alstom is pleased to announce the appointment of Alain Spohr as the Managing Director for India & South Asia cluster based in Bengaluru, India," the company said in a statement.
The new locomotives will expand Indian Railways capacity, easing congestion on busy routes for both freight and passenger services, ABB India informed the BSE.
The consortium, led by France's Alstom Conglomerate and also including Spain's Acciona and Turkey's Gulermak, will construct a 15-kilometre extension to the site of the fair, a statement said.
Shares in French transport giant Alstom gave up early strong gains on an upbeat growth outlook today as its its UK chief stepped down over corruption allegations and its Brazilian managers were reportedly being probed for collusion.
Under the agreement, HCL will leverage its IT infrastructure capabilities to provide workplace engineering services, roll out PC as a Service (PCaaS) for 30,000 users worldwide and will enable local end-user support services across 360 locations in 62 countries.
GE completed in November its acquisition of the power and grid businesses of Alstom for 9.7 billion euros (USD 10.5 billion) after making a number of pledges to win the support of the French government and fend off competition from rivals like German company Siemens.
While Titagarh Wagons has not won any order, VC and MD of the company Umesh Chowdhary says for each locomotive that IR buys, it has to buy hundreds of wagons. "So the fallout of this order will be phenomenal, and hence it is a very positive news for the company," he told CNBC-TV18
With world leaders due to meet in Paris from Monday to try to agree a deal to tackle climate change, the World Coal Association (WCA) is touting the use of very hot steam under extreme pressure to raise a power plant's efficiency, which it says can cut the greenhouse gases emitted from burning coal by up to 30 percent.
This project includes the set-up of a plant at Madhepura (Bihar) and two maintenance depots at Saharanpur (Uttar Pradesh) and Nagpur (Maharashtra). It further said that the delivery of the locomotives will spread between 2018 and 2028.
The contract is one of the largest awarded to a foreign firm since India last year opened up limited parts of its state-owned railways to 100 percent foreign direct investment, and comes as the government tries to modernise its vast but outdated rail network.
Dubbed as the first big ticket project under 'Make in India' initiative in the public transporter, GE and Alstom were issued the letters of award for the high value contract acceptance letters, according to a senior Railway Ministry official.
Under the offer, 91.5 million shares, amounting to 29.5 percent of capital, will be repurchased at 35 euros apiece and then cancelled under a strategy to refocus the company, it said in a statement.
Alstom will supply 20 metropolis train sets, each composed of four metro cars. Each car will be fitted with air conditioning and a passenger information system for a high level of passenger comfort, it added.
EU officials said the concessions allayed concerns that the deal would reduce competition in the European market for heavy-duty gas turbines to two major players, namely the merged company and Germany's Siemens, potentially leading to higher prices and pushing up the cost of electricity.
The EU green light will come as a relief to GE, 14 years after the Commission stymied its USD 42 billion offer for Honeywell International despite clearance by US authorities.
The denial by a spokeswoman for Montreal-based Bombardier followed a Wall Street Journal report on Wednesday that cited unnamed sources as saying that Bombardier and Siemens were in such talks.
Alstom bags 9 mn euro contract from Kochi metro French power equipment maker Alstom has bagged a contract worth 9 million euro from Delhi Metro Rail Corporation to execute the Kochi metro project.
Alstom Metropolis is a world leading train that serves global cities including Singapore, Sao Paulo, Shanghai and Amsterdam with more than 10 years of operational experience. The company said it has sold more than 4,000 metropolis cars worldwide.
This project forms part of NTPC's bulk tender for sourcing supercritical (energy efficient) equipment.
Tata Motors | Hindustan Zinc | Jaiprakash Power Ventures | Brigade Enterprises | Coal India | Reliance Power | Jindal Steel | Infosys | TCS | Sesa Goa and SKS Microfinance are stocks, which are in the news today.
French firm Alstom today said it has bagged a contract worth Rs 573 crore from state-run BHEL for supplying equipment for a thermal power plant at Nabinagar in Bihar.
Titan Industries | VIP Industries | Tata Global Beverage | Alstom India | Jindal Stainless | GTL Infra | State Bank of Mysore | 3i Infotech | Mastek | DLF and Reliance Industries are stocks, which are in the news today.
News that Alstom had raised USD 350 million in stock through private placement in order to fund acquisitions appeared to unsettle investors on Tuesday morning.