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Mr Bokarev told the President that Transmashholding has now entered the ranks of the world’s top seven global companies in the transport machine-building sector. Other top companies in the sector include Siemens, Alstom and Bombardier.

Working together with Alstom, over the last five years Transmashholding has developed a large range of new products, including the dual-voltage Olimp electric passenger locomotive, which has been in operation on Russia’s railways since 2012, and dual-voltage freight locomotives.

Mr Bokarev said that the company’s indicators have been rising over the last three years. Earnings came to 106 billion rubles [around $3 billion] in 2011, 130 billion rubles in 2012, and 154 billion rubles in 2013. The company made a profit of 23.5 billion rubles in 2013.

Transmashholding is one of Russia’s biggest transport engineering companies and is world leader in rolling stock manufacturing in terms of physical output volumes.

Transmashholding is the main supplier of locomotives for Russian Railways, one of the world’s biggest transport companies. Transmashholding exports its products to dozens of countries around the world.