Deutsche Bahn unveils €55bn facelift

German national rail operator Deutsche Bahn unveiled Thursday a sweeping overhaul, including plans to invest 55 billion euros ($60 billion) until 2020.

The reorganisation -- which Deutsche Bahn described as the biggest since 1994 -- was aimed at boosting competitiveness, increasing passenger numbers and profitability and ensuring punctual services and stable Internet and phone reception on trains, the operator said in a statement.

"Over the next five years, 55 billion euros will be invested in all business divisions, for more quality, more customers and better economic success," said chief executive Ruediger Grube.

Of the total amount, 50 billion euros would be invested in Germany and nearly 40 billion euros in infrastructure alone.

Around 20 billion euros of the money would come from Deutsche Bahn's current cash flow, with the state putting up the other 35 billion euros, Grube explained.

The reorganisation would include "streamlining" and "changes in personnel and structure", he said.

Deutsche Bahn employs a workforce of around 300,000 around the world, including nearly 196,000 in Germany and annual revenues of close to 40 billion euros last year.

Grube has been compelled to lower the group's ambitious medium-term revenue targets in face of ferocious competition from long-distance bus and coach services.