The Ministry of Railways taps DSK Legal’s advice in a USD3.25 billion deal with Siemens for the supply and maintenance of electric freight locomotives in India.
The agreement will be executed by global firm Siemens in collaboration with Indian Railways to boost the country’s self-reliance in rail manufacturing, and foster technology upgrades and know-how to the sector.
DSK Legal advised the Ministry of Railways on the bidding process, drafting, finalising and legal vetting of the bid documents as well as the manufacturing cum maintenance agreement.
Apart from this, the team assisted in the evaluation, risk assessment, negotiation, contract finalisation and execution of the agreement with Siemens.
DSK’s team comprised partner Ajay Shaw as the lead transaction adviser, along with associate partner Rimali Batra and senior associate Anisha Bhattacharya.
Shaw said, “We had a scintillating and equally rewarding experience assisting Indian Railways on this prestigious project. The assignment was complex and has nuances involved, specifically considering the commitment of the government to making world-class railways in India under the aegis of the Make in India scheme.”
Siemens signed an 11-year agreement with the ministry for the manufacturing and supply of 1,200 electric locomotives.
Under the agreement, the 1,200 electric Siemens locomotives will be assembled in the Indian Railways factory at Dahod, and their maintenance will be undertaken for 35 years at nominated government depots.