Winning the Contract to Supply Key Components for India's First High-S…
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Korea's High-Speed Rail Technology Export
Securing a Foothold for Entry into India's High-Speed Rail Project Expanding business scope into diverse markets such as defense and plant projects to secure sustainable growth engines.
HFI, the local Indian subsidiary of SPACEPRO Co., Ltd. (formerly Hankuk Fiber), a composite materials specialist under the New Power Plasma Group, has successfully entered India's inaugural high-speed rail project.
SPACEPRO announced on the 2nd that it signed a contract on the 30th of last month to supply major components for high-speed rail vehicles, initially valued at approximately 4 billion won, to Company B, an Indian state-owned enterprise that produces defense, railway, and industrial equipment.
It is reported that further contracts are currently being discussed following this initial agreement.
This contract is evaluated as a significant milestone, built on the trust SpacePro has accumulated, securing a leading position in the high-speed rail market, which symbolizes the modernization of the Indian railway system.
This contract is part of India's first high-speed rail project (the 508km Mumbai-Ahmedabad section, planned from 2017 to 2031) and was executed in line with the Indian government's ambitious localization plan.
The Indian railway market is the world's fourth-largest network, transporting 8.4 billion passengers annually, with massive investments planned for the expansion of rail infrastructure, including high-speed rail, semi-high-speed rail, and metros, until 2030.
SPACEPRO established a local production system that complies with the Indian government's 'Make in India' policy and actively collaborated with Company B to increase the localization rate of the high-speed rail vehicles.
This is analyzed as a result of securing technical reliability within the Indian market, giving the company a competitive edge over global rivals.
Furthermore, based on fiberglass and carbon fiber, the company engages in various businesses, including: Defense and Aerospace, Plant Projects such as fiberglass pipes and composite propellant ducts, and Mobility Projects like interior and exterior materials for domestic and international railway vehicles, toilet system modules, DOOR systems, and HVAC systems.
Notably, this contract for the Indian high-speed rail vehicles covers initial supplies consisting of: passenger cabin interior and exterior materials, toilet system modules, and nose cone systems.
As the Indian government requires Company B to secure an annual production capacity of 15 to 20 trainsets (280km/h, 8 cars/set), SPACEPRO plans to leverage this successful delivery to establish itself as a key supplier in the rapidly growing Indian high-speed rail market.
A SPACEPRO official stated, "Winning the contract for India's first high-speed rail project is proof of Korea's high-speed rail technology and localization capabilities. We will not only work with Company B to shape the future of the Indian railway industry but also secure sustainable growth engines by expanding our business scope into diverse markets such as defense and plant projects."
Meanwhile, SPACEPRO, a global leader in carbon composite space solutions, is a company headquartered in Miryang, Gyeongsangnam-do, that contributes to the local community through continuous change driven by challenge and creativity, transparent management, and social responsibility.
[Source: Asia Today]