The Metropolitan Railway company gained a fresh 75-year concession in 1904. In the 1911 though after some transformations the rights to the Tünel were transferred to the new multinational consortium, Union Ottoman Société d’Intrepises Electriques à Constantinople, which incorporated Tünel, Tram and Ottoman Joint Stock Electric Company.[4] In 1939 it was absorbed into the new IETT (İstanbul Elektrik Tramvay ve Tünel) transportation organization.[5]