The Industrial Development and Renovation Organization of Iran has signed a joint venture contract with Russia’s CJSC Transmashholding to manufacture 500 wagons in Iran.

Idro News reported the Iranian company’s deputy for expansion of industrial investment, Fardad Daliri, as saying that the contract stipulates “attracting investment and using up-to-date technology in the domestic manufacture of freight and passenger cars".

“In the first phase, only passenger cars will be produced,” Daliri added, without elaborating on the details of the contract, including its estimate value.

A conglomerate affiliated with the Ministry of Industries, Mining and Trade, IDRO is active in a variety of fields, notably auto production, oil and gas as well as wagon manufacturing.

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