UK-based manufacturer Bombardier has been awarded a £1 billion contract for the Crossrail project.

The agreement will see the company provide rolling stock for the rail service and a new depot. The trains will be manufactured at the firm's factory in Derby, securing 760 jobs and 80 apprenticeships.

Uncertainty had been voiced about the company's ability to win the contract, after railway minister Stephen Hammond stating the government could not guarantee to award deals to UK-based firms, due to EU competition regulations. However, Bombardier triumphed, beating off competition from Hitachi and CAF.

London transport commissioner Sir Peter Hendy said: "Crossrail is a fantastic example of the widespread benefits that sustained investment in transport infrastructure brings."

Bombardier will oversee the construction of the new depot at Old Oak Common and provide the service with a total of 65 trains. It is expected that 74 per cent of the contract spend will remain in the UK.

Transport for London intends to introduce the new vehicles into service from May 2017 in readiness for the project commencing through its central section in December 2018.