Iran's Automotive Industry Development Company (AIDCO) has announced that it has inked a major contract of 20 million euros with Russia's UAZ (Ulyanovsky Avtmobilny Zavod) for the export of automobile parts to Russia, IRNA reported from Tehran on Wednesday quoting the local press.
The Persian-language newspaper 'Hamshahri' quoted AIDCO Chief Executive Officer Boyouk Alimoradlou as saying that AIDCO had won an international tender for the development, production and delivery of 69,000 dash boards for a period of four years to UAZ.
Alimoradlou said UAZ is a subsidiary company of Russia's auto major SeverStal Group, adding that the company is considering to use the AIDCO dash boars for its latest product UAZ-3162.
He said all the payments of the contract had been carried out through letters of credit (LCs) of the banks that are trusted by Iranian banks, stressing that this would facilitate exports to Russia in the future.
Alimoradlou added that the contract will come into effect as of September 1, stressing that production will start one year later.
AIDCO has also last week sealed a strategic alliance with Malaysia's giant automaker Perusahaan Otomobil Nasional Bhd (Proton) for the development of Iran's auto sector over the next 16 years.
According to the agreement, Proton will supply AIDCO with Malaysian designed vehicle platforms and its own CAMPRO engines and would also help AIDCO in developing its R&D and manufacturing capabilities of AIDCO's two subsidiary auto giants -- Iran Khodro and SAIPA -- until 2020.
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