China CNR to supply Shanghai subway cars

China CNR Corp, one of the two largest train manufacturers in the country, is expanding its business in the urban rail transit equipment sector, which is expected to generate 900 billion yuan by 2015 - benefiting from a speed-up in the development of urban rail transportation systems.

China CNR Corp has won a 950 million yuan contract to supply subway cars for the No 8 Subway Line in Shanghai, according to a filing to Shanghai's stock exchange yesterday.

China CNR has agreed to purchase a 44.79 percent equity stake in Shanghai Rail Traffic Equipment Development Co from Shanghai Electric Group for 365 million yuan.