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Business news, 28.05.2005 17:35

Skoda to set up tram venture

Skoda Czech carmaker Skoda, which is part of Germany's Volkswagen group, and OAO Petersburg Tram-Mechanical Plant plan to set up a joint venture in St. Petersburg to produce trams, Czech First Deputy Transport Minister Antonin Tesarik told Interfax in St. Petersburg.

He said that negotiations began with the tram plant last year.

Antonin did not disclose the level of investment in setting up tram production, or the timeframe for the project.

He said that the Czech company is interested in implementing a project to develop public transport in Russia in general, and in St. Petersburg in particular.

OAO Petersburg Tram-Mechanical Plant builds passenger and special trams, and also repairs them. The company's largest shareholders is the St. Petersburg Property Management Committee (25.5%).

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(c) 2000