Thai Billionaire Forms Global Consortium to Bid for Rail Project

Nov 11 2018, 8:27 AMNov 11 2018, 11:58 PMNovember 11 2018, 8:27 AMNovember 11 2018, 11:58 PM

(Bloomberg) -- Billionaire Dhanin Chearavanont’s Charoen Pokphand Group is teaming up with companies from Asia and Europe to bid for a 225 billion-baht ($6.8 billion) high-speed rail link connecting three international airports in Thailand.

The link, one of the largest transportation projects in Thai history, is a key part of the infrastructure agenda championed by the military government that seized power in May 2014. The winning bidder is due to be selected by January, according to the Eastern Economic Corridor Office, the agency overseeing the plan.

The consortium is prepared to submit a bid on Monday, Adiruth Thothaveesansuk, the vice chairman of Charoen Pokphand Group’s special projects development office, said in a statement released on Sunday.

The statement listed the other members of the consortium as:

China Railway Construction Corp.
Bangkok Expressway & Metro Pcl
Italian-Thai Development Pcl
CH. Karnchang Pcl
Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development
CITIC Group
China Resources (Holdings) Co.
Siemens AG
Hyundai
Ferrovie dello Stato Italiane SpA
CRRC-Sifang
Japan Bank for International Cooperation

The rail link would run between Bangkok’s two international airports and another near the tourist hot-spot of Pattaya, the U-Tapao International Airport in Rayong province. The project is linked to the Eastern Economic Corridor initiative, a 1.7 trillion-baht plan to add infrastructure and advanced industries along the eastern seaboard.

A general election is expected in Thailand in late February next year, raising the question of whether the next civilian administration will adopt the same priorities -- such as a push for high-speed train connections -- as the military government.