CHINA: Locomotive and rolling stock manufacture CNR has bought a 45% stake in Shanghai Rail Traffic Equipment Development Co from Shanghai Electric Group for 365m yuan. The purchase is part of a plan by CNR to accelerate its growth in the urban rail sector, which currently accounts for less than 5% of its business.
SRTE was established in 2003, and designs, manufactures and maintains rolling stock and electromechanical components. CNR plans to inject a further 85m yuan to give it a 50% stake, with Shanghai Electric retaining 35% and Shanghai Electric 's controlling shareholder, Shanghai Electric (Group) Corp the remaining 15%.
