Iran Khodro Rail Industries Company
IRICO is the current name of the entity formerly known as Iran Khodro Rail Industries Company. It manufactures rolling stock and rail-fleet components and provides related repair and optimization services. The company has operated a factory in Abhar since production began in 2009 and has historical international manufacturing and technology-transfer arrangements involving Hyundai Rotem, Siemens, Stadler and CRRC Puzhen.
Operations & footprint
Products and services
Iran Khodro Rail Industries Company, known as IRICO, manufactures and supplies rail vehicles and rolling-stock systems, including metro cars, passenger rail vehicles, bogies, light rail vehicles, and related rail equipment. Its operations are connected to urban transit projects, rail fleet renewal, public procurement, and technology partnerships.
Operations and assets
The company’s factory is in Abhar, Zanjan Province. Initial production capacity was reported at 100 vehicles per year on a single shift in 2009; this is a historical figure and does not establish current capacity.
Geographic footprint
Headquarters in Tehran; manufacturing facility in Abhar, Zanjan Province, Iran.
Ownership & group structure
Ownership
IRICO was formerly owned by Iran Khodro from 2003 to 2011. It was acquired by Tose-e-Tarabar Raili Iranian Co in March 2011 and subsequently by Iranian Golden Goal International Group in March 2016. A public reference source lists Iranian Golden Goal International Group, Green Refinement Company and PPS Kish Company as current owners as of 19 July 2026; ownership stakes and independently verified effective dates are not available.
Reported scale
Scale note: Revenue and other detailed financial information were not available in the evidence reviewed.
Commercial and investment relevance
Iran Khodro Rail Industries is relevant for investors assessing Iran's rail-manufacturing base, metro fleet demand, public transport procurement, rolling-stock replacement cycles, and technology-transfer constraints. It can support analysis of opportunities around bogies, passenger cars, maintenance, signaling-adjacent systems, component sourcing, and local assembly. Due diligence should verify current ownership, active contracts, factory utilization, technology partners, procurement status, payment risk from public buyers, sanctions exposure, and distinction from similarly named rail-industry entities. Historical projects include a 2004 agreement with Rotem for passenger trainsets for Raja Passenger Train Company, a 2010 contract to supply 135 vehicles for Shiraz Metro, and a December 2017 DMU contract extension covering 450 cars. Under the latter arrangement, 150 vehicles were to be built by Hyundai Rotem in Changwon and 300 assembled by IRICO.
Constraints, risk & compliance
Key risks and constraints
Key diligence areas include the current ownership structure, active contracts, factory utilization, financial position and reliance on public transport procurement. The availability and continuity of international technology partnerships should also be assessed for any current transaction.
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Frequently asked questions
Direct answers to the questions most likely to arise when reviewing this profile.
What is IRICO?
IRICO is the common name for Iranian Rail Industries Development Co, an Iranian manufacturer of rolling stock, rail-fleet components and related technical services.
Where does Iranian Rail Industries Development Co operate?
The company is headquartered in Tehran and has a manufacturing facility in Abhar, Zanjan Province, Iran.
What does IRICO manufacture?
Its stated activities include the design, engineering and manufacture of passenger and freight wagons, metro trains, trams and specialized bogies.
Is Iran Khodro Rail Industries Company the same company as IRICO?
Yes. Iran Khodro Rail Industries Company is a former name of the entity now officially identified as Iranian Rail Industries Development Co (IRICO).