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Vande: Bank guarantee for making 120 Vande trains yet to be submitted

NEW DELHI: The consortium of Russian railway major TMH and RVNL, the Indian Railways PSU, have not submitted the performance bank guarantee (BG) for manufacturing of 120 Vande Bharat trains even 45 days after it bagged the project.
Transmashholding (TMH) was supposed to deposit the BG of Rs 200 crore.
Sources said there is a tussle between the partners over the share holding in the joint venture of these two firms. This is the main reason behind the TMH not yet depositing the mandatory BG and this would attract penalty charges for the Russian company, they added.
Neither the railway ministry nor the RVNL responded to queries on Sunday.
TOI has learnt that the Rail Vikas Nigam Ltd, which is a junior partner with the Russian rolling stock giant for manufacturing of the Vande Bharat trains at Latur, has claimed to be the major partner in this Rs 40,000 crore project and has sought to become the major shareholder in the JV. But the Russian company has turned the proposal down.
The Russian company RVNL bagged the project to manufacture the semi-highspeed Vande Bharat trains with sleeper facilities quoting the lowest amount of Rs 120 crore per train.

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