Siemens' share price rose 5 percent in the afternoon trade to Rs 2,470 on December 28 after the company's joint venture with the Tata group received an order from Pune IT City Metro Rail Limited.
A joint venture between TRIL Urban Transport Private Limited, a Tata group company, and Siemens Project Ventures GmbH, a subsidiary of Siemens Financial Services, will develop the metro corridor from Hinjewadi to Shivajinagar through a public-private partnership route, Siemens said in a press release on December 28.
The joint venture has formed a special purpose company called Pune IT City Metro Rail Limited.
The elevated metro line connects Hinjewadi Rajiv Gandhi Infotech Park to Shivajinagar via Balewadi.
The 23.3-km corridor, with 23 stations, will be the first metro project in India under the New Metro Rail Policy.
A consortium of Siemens AG, Siemens Mobility GmbH, Siemens and Alstom Transport India has been awarded the contract for the electrical and mechanical system works by Pune IT City Metro Rail Limited.
The project is to be completed in 39 months.
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Siemens will provide project management, turnkey electrification, signalling, communications and depot works (equipment) for this prestigious project. Siemens’s order size is around Rs 900 crore.
"Pune Metro is a prestigious project, and Siemens is glad to be partnering with the Tatas to jointly develop this project. We are confident that the new metro line will play a key role in positively impacting the quality of life of Pune’s citizens to transform their every day,” said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens.
At 13.22 pm, Siemens was quoting at Rs 2,406.00, up Rs 52.95, or 2.25 percent on the BSE.
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