Russia-based investment and industrial company ICT Group has unveiled plans to invest $1bn for a new railcar-factory in Tikhvin, northwest Russia.
The railcar factory will have an annual capacity to build about 10,000 vehicles from mid-2011.
The project is expected to meet domestic demand for transporting raw materials from mines and smelters.
The Tikhvin plant may also sell shares to the public through an initial public offering in the future.
The company has entered into long-term contracts with Russian Railways subsidiaries and private rail operators including Transgarant.
