"Turkey's Otokar signs deal with Iranian company on sales of buses"
Turkish commercial vehicle maker, Otokar, says it has signed a technology and license deal with an Iranian company on the export and sale of its Navigo buses.
In a written statement to Istanbul stock exchange, Otokar, said the agreement with Iran’s Afshan Industrial and Manufacturing Company (OGHAB) covered a three-year period with an option to extend by two years.
Otokar also claimed that the deal could generate revenue of around $14 million annually.
According to the statement, Otokar is set to export its Navigo buses in the form of CKD to OGHAB to be mounted in Iran. The mounted vehicles will then be sold and marketed by OGHAB under the Otokar brand.
Based on the agreement, for the periods after the first year of the contract, a minimum of 500 vehicles will be secured under the condition of the compliance of the vehicle to the local legal requirements.
OGHAB has not yet commented on the report.
Otokar began its business in 1960s as Turkey's first inter-city bus manufacturing company. Its line of Navigo buses range from the Navigo 125L with 25 seats and 6.3 m in length to the Navigo 160SE with 31 seats at 7.1 m in length. The Navigo is marketed as the "Sultan" in Turkey.
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