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Hungarian Investments in India:

At one time there were around 25 Indo-Hungarian joint ventures in India, mostly in the area of pharmaceuticals and vacuum technology.˙ With the change of regime in Hungary in 1989-90 and with economic liberalisation and reorientation in bothcountries since 1991, most of these JVs have faded away or been indigenised. At present there are only few India-Hungary JVs in India.

1.  Richter-Gedeon Ltd.
Gedeon Richter Plc, established in 1901, is one of the biggest Central European pharmaceutical companies with an annual turnover of about EUR 1 bln. In 2004, Richter and Themis has set up a new joint venture, Richter-Themis Medicare (I) Pvt. Ltd. (RTML). RTML is a 100% export oriented unit located at Vapi, Gujarat.

2.  MOL Rt.
Founded in 1991, the Hungarian company is present in the Europe, the Middle East and Africa region, as also in the CIS countries, with interests in exploration, production, refining, marketing and petrochemicals. MOL Group comprises one of the leading Hungarian chemical companies, TVK, the Slovakian oil company Slovnaft, the Austrian retail and wholesale company Roth, and a strategic partnership with the Croatian company, INA. In May 2008 MOL bought a 35% share in ONGC, and has been collaborating in the field of oil and gas exploration in India. However after unsuccessful drilling, this joint venture came to an end in 2013.

3.  Ganz Engineering and Energetics Machinery Limited
Roots of the firm go back to 1844 with the foundation of the GANZ company, which was split into several units in 1988. Ganz Engineering and Energetics Machinery Limited was established in 2008, with 49% shares by Ganz Holding Company Limited and 51% of the Russian firm TTM.  The main products of the company are nuclear power plant machinery, fuel reloading manipulators. In 2016 Ganz Holding Co. Ltd. sold its 49 % quota of Ganz Engineering Ltd. to the Russian quotaholder in June 2016 (Roszatom / Atomenergomash CKBM).
A Joint-venture with the Indian Technip Impex Pvt. Ltd. under the name Technip Ganz Machinery India Pvt. Ltd. was created in order to increase  chances for business and competitiveness by the involvement of local manufacturers. The joint-venture had been registered in New Delhi on 17 May 1993.

4.  Organica Környezettechnológiák Zrt.
Founded in 1998  the wastewater mangement company was one of Hungary’s largest environmental solution providers at the time. The company offers cost-effective and sustainable water solutions with a new advanced environment-friendly organic approach. Organica  signed a partnership agreement with the French Veolia in 2006, then in 2009 created a Chinese joint venture. In 2010 the company signed a partnership agreement in the US (AECOM) and opened subsidiary offices in the USA, Singapore and India. The 100% owned daughter company in New Delhi has been established as an engineering service center and a base of operations for international wastewater management projects.

5.  Tarant Hungary
The Hungarian IT company Tarant created a 100% subsidiary in Bangalore, the IT capital in Sept 2010 as an 1 mln USD investment with 14 employees to leverage the opportunities India has to offer in outsourcing for Central-Europe, Russia, and Africa. The company creates solutions for banks using the Oracle-Flexcube modular software, the original developer of which is also an Indian company called OFSS (formerly known as i-flex solutions).

6.  Cason Engineering Plc
Cason Engineering Plc, a company with expertise in oil and gas pipeline automation, leak detection systems, data collection and analysis, signed an MOU with government-owned GIPL (Gujarat Petro Limited) in front of government representatives of Gujarat State in January 2013.  The two companies made a cooperation agreement with Cason Plc supplying detection devices to  GIPL, while also showing interest in Indian technology.

 Indian Investments in Hungary:

Indian investments have grown significantly in Hungary following liberalisation of economy in India in 1991 and economic and poltical changes in Hungary.  Indian investments are in the fields of information technology, pharmaceuticals, chemicals and auto-components, packaging.  TCS, TechMahindra, Cognizant, Sun Pharma, KHC Kis Chemicals, SMR, SMP, MATE, Apollo Tyres, UFlex, SRF are among the companies that are active in Hungary. With a total accumulated investment of USD 3.3 billion to date, our companies create employment opportunities for more than 11,000 people in Hungary:

1. CG Electric Systems ltd / GTV Transelektro Electric Co. Ltd (2006-2021)
The Hungarian Ganz has a history of over a 130 years as a high technology company with a strong reputation for global engineering capabilities in the area of power transformers, GIS switchgear and rotating machines; a preferred supplier for high quality electrical equipment and related solutions. Crompton Greaves (CG) purchased in July 2006 through its Belgian subsidiary Pauwels International two Hungarian companies viz Ganz Transelektro Villamossági Zrt (GTV) and Ganz-Transverticum Kft (TV).  This marked the first major acquisition by Crompton Greaves in Hungary. GTV is in the business of EHV Transformers, Gas Insulated Switchgear (GIS), Rotating Machines and Contracting; and, the associate TV is in the supporting areas of design, erection, commissioning and commercial activity with high-end engineering and substation capabilities. Acquired by Crompton Greaves group, through their Belgian subsidiary Pauwels Ltd. in July 2006. During the Covid, faced difficulties and has been taken over by the Government of Hungary in July 2020. Thereafter Hungarian private owner took over the firm, no longer affiliated with India in 2021.

2. Sun Pharma Ltd/Alkaloida
Sun Pharma Ltd. acquired the US-based pharmaceutical company Valeant (formerly Alkaloida) in Hungary in August 2005. Is active in narcotic and alkaloid substances in the medicinal field. Employs about 500 personnel.

3. SMR Automotive Mirror Technology Hungary Bt
The Hungarian company was established in 1995, and earlier belonged to Visocorp. Through the acquisition of Visiocorp by the SMR group (Samvardhana Motherson Reflectec) in 2009, the Hungarian unit was renamed to SMR Automotive Mirror Technology Hungary.  The SMR group inaugurated a new factory in Mosonmagyarovar in September 2011. Announced the opening of its new production plant in Túrkeve on 25 August 2017 with a total of HUF 8 billion worth investment creating approximately 410 new jobs in the region. SMR has 4 units in Monosmagyaróvár, Mosonszolnok, Turkeve and Hegyeshalom. In Dec 2020 SMG announced an investment of appx EUR 15.5 mln and by Dec 2011 carried out the expansion of its Kecskemet factory with a new 9000m2 hall and made further developments at four other production units.  Samvardhana Motherson Group (SMG) employs more than 3,500 in Hungary to date. 

4. Tata Consultancy Services
India’s biggest IT and software company Tata Consultancy Services(TCS) has set up a European Software Development Centre(SDC) in Budapest. The Centre was formally inaugurated in August 2001 by the CEO of TCS. Upgraded the unit to Global Development Centre. Also opened an IT Centre of Excellence at Szent Istvan University, Godollo. In April 2017 TCS inaugurated its new office building with 5000 sqm. In Jan 2020 Digital competence office opened with 500 new employees added to the existing  2500. In Dec  2021 TCS stated that it will make the new hires in the areas of financial analysis, market research and IT, adding 300 to its workforce.  As of 2022 it employs appx 2700.

5. Orion Electronics
A producer of electronics appliances, the company is part of the Indian Thakral Group based in Singapore, with Indian ownership. Established in 1997 it currently employs approximately 130. 

6. Wipro Ltd
Wipro Ltd is an Indian IT giant that offers integrated IT solutions to its clients worldwide. It offers total outsourcing, business solutions, consulting services and professional services to plan, deploy, sustain and maintain the IT lifecycle of its clients. As of 2018 has a small support office in Hungary employing 12 as of 2022.

7. Cognizant
Cognizant has established a delivery center in July ’08. The Budapest office is the latest addition to their global network of delivery centres, and will support the range of Cognizant services, covering application development, application maintenance, business process outsourcing, consulting and technology infrastructure services. Employs about 1000 as of 2022.

8. Satyam Computer Services Limited/Tech Mahindra Ltd
A leading global information, communications and technology (ICT) company,  part of the US $15.9 billion Mahindra Group, a global industrial federation of companies and one of the top 10 business houses based in India. Satyam has opened an office in Budapest on the 2nd November 2004. Satyam has been severly affected by the financial crisis in  2010.  Since then it has minimized operations in Hungary.Since then it has minimized operations. Satyam Computer Services Ltd (SCSL) got amalgamated with Tech Mahindra Ltd (TML) in June 2013, and all the assets and liabilities of SCSL got vested in TML.  Accordingly, the branch set up by SCSL has become the branch of Tech Mahindra Ltd. Employs around 200 as of 2022.

9. Bharat McNally Engineering Ltd/ Eroterv Wagner Biro Kornyezetvedelmi Kft
EWB Ltd is originated from Eroterv Power Plant Engineers. It was initially a Government company, entrusted with the setting up of power plants on turnkey basis in Hungary and other European countries. Ash Handling Division of Eroterv started working in around 1955. In the year 1990, Waagner-Biro Austria, a well known. company of Europe, acquired 50 % equity of the ash handling division of Eröterv. From this year the name of the company changed to Eroterv-Waagner-Bird Ltd. Since then, Eroterv Waagner-Bird continued ash handling business by implementing many more ash handling projects in Europe and Asia. Gradually Waagner-Biro, Austria increased their stake in the company ending up with 90% holding of equity by the year 2000. From 1997 McNally Bharat Engg. Co. Ltd was in exclusive collaboration with EWB for the Indian Market up the year 2007.  McNally Bharat increased its equities to 100% with effect from 24 Sept.2003. Employs 7 as of 2022.

10. Global Green/Dunakiliti Konzervüzem Kft. (2005-2018)
Acquired by the Crompton Greaves group company, in 2006. Thapar group bought (Aug 06) Dunakiliti canning factory becoming the owner of canning company Dunakiliti Konzervüzem Kft, the biggest and most modern cucumber processing factory in the region. Dunakiliti Konzervuzem was bought over through Thapar’s affiliate Global Green Company, purchasing the company from its former owner Intergarden NV. Dunakiliti  has been present on the market in India for nearly 10 years. In September 2008Global Green Company Ltd. acquired the Hungarian company, Puszta Konzerv Kft, based in Balmazujvaros, near Debrecen in Eastern Hungary. Puszta Konzerv manufactures sweet corn, peas, gherkins, mixed pickles, lecsó and tomatoes. Puszta’s products fit strategically into Global Green’s current portfolio and their strong customer base, especially in central and eastern Europe as well as the Baltics and opens up new and significant opportunities. Employs appx 200 as of 2022.

11.  Cosmos City (1996-2020)
Owned by Mr. Parveen Gupta, the successful Indian fashion textile retail chain has over 35 units in Hungary and in neighboring Austria. However due to the Covid pandemic it was forced to close operations in 2020.

2. Aditya Birla Management Corporation Pvt. Ltd
Aditya Birla Group (through its entities) acquired US Columbian Chemicals Company in 2011. Present employment at the Hungarian plant is 97. The Birla Carbon Factory unit CTC in Tiszai Vegyi Kombinát (TVK) is producing Carbon Black for the chemical industry.

13. Apollo Tyres
Has invested Euro 475 million in a greenfield plant in Gyongyoshalasz. Inauguration of the plant took place on 7th April 2017. In December 2020 Apollo Tyres announced an investment of appx EUR 12.2 mln to upgrade production and widen portfolio. As of December 2020 total investment value reached appx EUR 500 million, with the company employing over 1000 workers.

14. SMP
The foundation stone for the new SMP factory was laid down on 2th November 2015 in Kecskemet. Part of the Samvardhana Motherson Group the factory produces bumpers for the Mercedes cars. The factory was completed in 2017, and gives employment to appx 600. The investment value is considered HUF 31 bln (appx 105 mln USD)

15. KHC Kischemicals/Shivas Pharmachem
Acquired in 2015, the company is manufacturing specialty chemicals for the agro, pharma and polymer industries, including active ingredients and pesticides for the agricultural sector. As of 2022 employs appx 180.

16. SRF Ltd.
In June 2018 Gurgaon-based multinational group SRF limited announced setting up of a packaging plant in the city of Jaszfenyszaru (approx. 70 kms from Budapest). The company invested Euro 60 million (approx. Ft 18 billion) and  employs appx 110 workers as of 2022.

17. Flex Films
Indian-owned Flex Films will be establishing a flexible packaging materials production plant in Rétság; Factory expected to be complete in 2023.

18. MATE (SMG)
Samvardhana Motherson Group (SMG) inaugurated a HUF 5 billion (€ 15.3 million) expansion at its base in Túrkeve (SE Hungary) in May 2019. As part of the SMG group in Hungary, MATE supplies plastic bumper parts to SMP, which is manufacturing bumpers for Mercedes

19. Eurolife
Pharmaceutical company, manufactures and distributes an exclusive portfolio of healthcare formulations, Intravenous Infusions, Ophthalmics, Sterilized water for Injections, Nebules, Tablets, Capsules, Ointment and Creams. Acquired Intravenous Infusion business of TEVA Pharmaceutical Industries Ltd., Hungary for the  development and commercialization of Intravenous Infusions plant  in European and US markets in 2021. Company is employing appx 77 persons in 2022.

20. HCL
In Jan 2022, HCL Technologies, India has signed an agreement to acquire Hungarian big data company Starschema. The acquisition  contributed to the development of HCL’s data processing expertise and helped strengthen the company's presence in Central and Eastern Europe.


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