The Industrial Development & Renovation Organization of Iran (IDRO), Russian Transmashholding Company signed a contract to manufacture wagons.
The contract was sealed Monday with the attendance of Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh and Deputy Foreign Minister for Legal and International Affairs Abbas Araqchi.
Based on the previous agreement, both sides maintain cooperation to make wagons with Russia's financing.
Earlier, IDRO, France's Alstom and Iran Khodro Rail Transport Industries Company (IRICO) signed an agreement to establish joint company on July 23.
Iran's Industrial Development & Renovation Organization (IDRO) known as IDRO Group was established in 1967 in Iran. IDRO Group is one of the largest companies in Iran. It is also one of the largest conglomerates in Asia.
IDRO's objective is to develop Iran's industry sector and to accelerate the industrialization process of the country and to export Iranian products worldwide.
Today, IDRO owns 117 subsidiaries and affiliated companies both domestically as well as internationally.