(Yicai Global) Aug. 22 -- CRRC Pioneer (India) Electric Co., a joint venture invested by China Railway Rolling Stock Corp. [SHA:601766], has officially opened, becoming CRRC' s first plant in India and South Asia.
CRRC Yongji Electric Co. and India's Pioneer Trade Ltd. set up the JV in 2014 with total investment of USD63.4 million. CRRC Yongji has a 51 percent stake. CRRC has recruited 17 Indian employees, and assembly of the first motor has been completed.
"It's far from being enough for CRRC to just build a motor plant in India," said CRRC Vice President Yu Weiping. "In the future, we'll set up new plants for manufacturing trucks, train bodies, traction systems and other core components in India, with the ultimate goal of setting up complete assembly lines there."
Since its entry into the Indian market in 2007, the company has supplied railroad vehicles and components, including subways, shunting locomotives, rail motors, cranks and wheels to the local market. It has also processed orders for nearly 300 subway trains over the past 10 years.