Serbian company MIN Lokomotiva has been awarded by Macedonian Railways a EUR 5 million contract for the modernisation of eight locomotives.
Though the company is in restructuring process, the Serbian government, Ministry of Economy and the Export Credit and Insurance Agency of the Republic of Serbia supported it by providing the necessary financial guarantees.
According to the local press, MIN Lokomotiva is also targeting a tender for the overhaul of 10 locomotives to be launched in February by Serbian Railways.
In 2007 International Railway Sistems (IRS) d.o.o. Nis (former Friulexport d.o.o. Nis) acquired the capital of the company MIN Vagonka a.d. Nis, as well as the capital of economic entities MIN Lokomotiva a.d. and MIN Specijalna vozila a.d. MIN Vagonka operated as a subsidiary of IRS until 2009, when the Privatization Agency submitted the Notification of Termination due to non-fulfillment of the Contract of Sale of capital by public auction of the entity undergoing privatization.