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Ireka, CRRC UT Europe enter into JV, Malaysia [free access]

July 24, 2019

Malaysia-based Ireka Corporation Berhad (Ireka) has established a joint venture (JV) company with CRRC Urban Traffic (Europe) Company Limited (CRRC UT Europe) to explore opportunities in the area of urban transport in Malaysia and in Southeast Asian markets. Ireka holds a 51 per cent stake, while CRRC UT Europe holds a 49 per cent stake in the new company.

 

The new company will focus on providing urban traffic solutions to national and city governments as well as public institutions by deploying integrated solutions and innovative products such as autonomous rail transit (ART) systems and new-energy buses. It will also provide coordination and liaison services on urban transit projects as well as installation, maintenance, and after-sale services. It will explore long-term investment opportunities in the urban transport and logistics sectors. The establishment of the company is in line with the Government of Malaysia’s vision of increasing the modal share of public transport to 40 per cent by 2030 and decreasing the carbon footprint for sustainable development.