July 24, 2017 / 1:15 PM / 2 years ago

France's Alstom in deal to build metro carriages in Iran

The logo of Alstom is seen before a news conference to present the company's full year 2016/17 annual results in Saint-Ouen, near Paris, France, May 4, 2017. REUTERS/Gonzalo Fuentes

DUBAI (Reuters) - French train maker and manufacturing group Alstom has signed a deal to enter into a joint venture that will build metro and suburban rail carriages in Iran, the semi-official Mehr news agency reported on Monday.

Alstom is partnering with the Industrial Development and Renovation Organization of Iran, an investment fund active throughout the country’s industry, and Iranian Rail Industries Development Co, according to the preliminary accord signed late on Sunday, Mehr added.

Alstom will hold 60 percent of the project, Mehr added, without giving the value of the deal.

Reporting by Dubai newsroom; Editing by Dale Hudson

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