Tatravagónka investing €330m in India
Tatravagónka (Alexej Beljajev, heirs of Michal Lazar and Budamar) signed a 10-year contract in May this year with its Indian subsidiary Jupiter Tatravagónka Railwheel Factory for the supply of 50,000 wheelsets annually. It will thus buy half the annual output of the new plant near the city of Khordha, where it is investing €330m instead of the originally planned €270m. Italian steelmaker Lucchini and state agency Simest will invest €28m in the plant in return for a 25% stake.
The group’s operating profit fell 74% to €13m last year as revenue dropped 8% to €705m, which it blamed on weaker demand for rail freight in Europe. It decided early this year to close the Gredelj plant in Croatia, which it bought in 2021 for €45m, and is negotiating the sale of its assets.
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