• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Ramesh Sharma

New team: The Austrian Federal Minister for Economics and Labour, Mr Martin Bartenstein (right), with the past President, FICCI, Mr Onkar S. Kanwar, at the India-Austria economic forum in the Capital on Monday. —

Our Bureau

New Delhi, Dec. 10 Siemens on Monday tied up with the Indian Railways’ subsidiary RITES Ltd for development and production of rail bogies, a release issued by the FICCI said. The MoU was signed in the backdrop of an Austrian delegation visiting India.

The role of RITES would be limited to extending consulting support for product development, design, workshop management for rail bogies – to primarily serve the export market, said sources-in-the-know when contacted.

Austria sees India as a vast market for its products, would like to participate in the development of India’s infrastructure and cooperate in areas such as automotive industry, environment, non-conventional energy, healthcare and electrical and electronics industry. This was stated here on Monday by Mr Martin Bartenstein, Austrian Federal Minister for Economics and Labour, while addressing the India-Austria Economic Forum, organised by the industry chamber.

On the occasion, an MoU was signed between RITES Ltd and Siemens Ltd, India, for the development and production of rail bogies, it added.

“When I accompanied the Austrian President, Dr. H. Fischer, on his State visit to India in February 2005, we set an ambitious target of pushing Austrian exports to India up to half-a-billion Euros. I am happy to say that the projected Austrian exports to India in 2007 are likely to exceed the targeted figure,” Mr Bartenstein declared. In 2004, Austrian exports to India stood at €280 million.

More Stories on : Alliances & Joint Ventures | Railways | Events | Siemens Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Leakage: ONGC to cut output

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line