CNR Corp Ltd established a finance unit with a registered capital of 1.2 billion yuan ($193 million) on Dec 6, in a bid to boost its financing management capabilities.

The unit, China CNR Finance Co Ltd, was set up as the State-owned railway equipment maker accelerates efforts to develop into a competitive company providing global solutions for urban track traffic.

By 2015, CNR's annual revenue is set to reach 140 billion yuan, up from 89.3 billion yuan in 2011. The company has higher demand for financing management, and increased operating efficiency of capital and cash flow, it said in a statement.

The establishment of the financing unit is in line with State-owned Assets Supervision and Administration Commission’s requirements for central State-owned enterprises to boost their management and risk prevention of State-owned capital, the company said.