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Siemens bags contracts worth 900m euro

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CIOL Bureau
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FRANKFURT: Siemens AG has announced that it won two contracts in Egypt worth a total of 900 million euros. ( $883.2 million). Siemens said in a statement that the first contract with Telecom Egypt covered the expansion of a wired phone network in Cairo and upper Egypt. The five-year agreement is worth around 650 million euros.



In the second contract, Siemens will serve as a general contractor in building a pharmaceutical plant for producing raw materials for antibiotics. A letter of intent worth about 250 million euros was signed with Siemens' Industrial Services and Solutions unit, it said.



© Reuters

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