Kryukiv Wagon inks UAH 960 mln subway car modernization deal
29 October 2012
Kryukiv Wagon (KVBZ UK) signed a UAH 960 mln contract to modernize 95 subway cars for the city of Kyiv, Interfax reported last Friday. The first batch of subway cars will be delivered in 1H13, while the whole project is expected to be completed by mid-2014.
Roman Dmytrenko: The news actually looks a bit discouraging for Kryukiv’s investors. The contract for subway car modernization was initially announced back in 2011 but has been delayed due to financing uncertainties. The signed contract is almost 2x less both in terms of volume and value compared to UAH 1.6 bln for 185 wagons as announced in 2011. Considering Kyiv still needs to modernize another 90 cars, there is a chance this contract might be expanded.
