Highlighting India’s strategic importance, Lipa noted, “You have the largest population in the world. You have the largest number of cities in the world… it’s impossible to develop a city without rail transport. We have our expertise in trains.” The company, which boasts an annual production capacity exceeding 1,500 passenger coaches, sees particular potential in EMUs, Metros and sleeping coaches.
TMH has already established direct partnerships with Indian suppliers for the Vande Bharat project, moving away from European intermediaries in the post-sanctions environment.
Emphasising the long-term nature of their commitment, Lipa explained, “We have 35 years of maintenance… In the end, it means that three generations of engineers and workers will work on that.” He envisions deeper collaboration, adding, “We also want to develop an educational programme and could be the movement of the Indian specialists into Russia to work with us here… we can create the educational system which can educate people in India to work both in India and in Russia or not only in India, in Russia, in some other countries too.”
Lipa confidently said that their operations remain stable, pointing out that their Indian Railways contract was signed “two weeks after sanctions were announced.” He expressed broader ambitions, stating, “TMH aims to position itself as a long-term player in India’s railway sector, looking beyond its current Vande Bharat contract to potentially serve other markets from its Indian base. We see India not just as a market but as a potential manufacturing hub for serving other regions, particularly African countries, leveraging India’s advanced manufacturing capabilities and strategic location.”
The company is currently working through design modifications requested by Indian Railways in May 2024, including additional toilets and pantry cars. With an initial investment of $200 million ($50 million in equity and the remainder in bank loans), TMH brings impressive credentials: they manufacture 90% of Russian Railways’ passenger coaches and 99.9% of Moscow’s metro fleet (6,658 cars). They currently maintain 17,000 locomotives, 4,300 metro trains, 2,000 EMUs/DMUs, and 500 trams in Russia.
