Tokyo metro operator grabs Elizabeth Line contract from China's MTR

(Sharecast News) - Tokyo's metro system operator, Japanese trading company Sumitomo and Britain's Go-Ahead Group have won a contract to operate London's troubled Elizabeth Line, taking over from China's MTR, officials announced on Wednesday.

The GTS Rail Operations consortium, of which Go-Ahead holds 65%, and Tokyo Metro Company and Sumitomo 17.5% each, beat three other bidders and will take over next May for at least seven years, Transport for London said.

MTR won the initial contract to manage the line in 2014 when controversial mayor Boris Johnson was running the capital.

Carrying more than 700,000 people a day, the Elizabeth line has been beset by problems since it fully opened in 2022 - late and £3bn over budget. Delays and cancellations have been frequent, much to the annoyance of passengers using the east-west route from Shenfield in Essex to Reading and Heathrow airport.

In the three months to June only 83% of trains arrived on time, according to figures from the Office of Rail and Road.

The project will be the first time that Tokyo Metro runs an overseas railway operation and Sumitomo's first participation in a railway in the UK, the two companies said in a statement.

Tokyo Metro operates nine subway lines covering 195km and 180 stations, mainly in the Tokyo metropolitan area. Go Ahead operates railway and bus services in the UK and five other countries around the world, including the UK's largest passenger railway, Govia Thameslink Railway.

Reporting by Frank Prenesti for Sharecast.com