6.6 C
London
Thursday, March 28, 2024

Mitsui to establish Brazilian rail joint venture

Listen to this article

Japan’s Mitsui is to establish a joint venture with Odebrecht Transport as it looks to pursue urban railway projects in Brazil.

Between now and December 2014, Mitsui will invest BRL 500 million (€156.3 million) in acquiring 40 per cent of the new joint venture which will specialise in concession and public-private partnership (PPP) subway and light rail projects.

The partnership will bring in foreign investment to upgrade existing, and develop new, transport infrastructure in Brazil.

Odebrecht Transport is a subsidiary of Brazilian conglomerate Odebrecht.

The new business will include Odebrecht Transport’s stakes in Rio de Janeiro’s commuter network operator, SuperVia, Move São Paulo – the consortium building São Paulo Line 6 – Orange metro line – and light rail projects VLT Carioca (Rio de Janeiro) and VLT Goiânia (GO).

Paul Cesena, president of Odebrecht TransPort, said the joint venture ‘brings to Brazil the knowledge, innovation and a major international technology company in this sector and open dialogue with Japanese top-level business channels’.

The deal is subject to approval by the Brazilian Trade Commission.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Rail News

ORR review leads to 50% reduction in maximum fees for ticket refunds

New rules will mean that from 2 April the maximum fee that train operators and ticket retailers can charge...

More like this...