[THE INVESTOR] LS INDUSTRIAL SYSTEMS (LSIS), an LS Group affiliate that specializes in power solution and automation, has won a US$16.1 million contract to modernize the railway system in Bangladesh, it announced on July 28.

Over the next four years, LSIS will provide electronic systems that includes signals and communication to improve a railway that runs 72 kilometers near Bangladesh’s border with India. 

The order for the turnkey project came from CTM JV, a partnership between China and the Southeast Asian country, and is backed by Asia Development Bank.

This is the seventh order since it first entered the country’s railway business in 2004, which has been exclusively reserved for European companies.

Bangladesh will invest US$30 billion in improving its railway system, including building, converting to double-tracks and maintenance, as part of its five-year economic development plan.

“Based on the recognition of our technology, we aim to tackle Asian markets including Philippines, Taiwan, Thailand and Indonesia,” said the company.

By Hwang You-mee (glamazon@heraldcorp.com)