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INDIA HUNGARY TRADE

1. Country Profile
Hungary is a landlocked country in Central Europe. It is situated in the Carpathian Basin. Hungary's modern borders were first established by the Treaty of Trianon (1920) after World War I. During its four decades long communist dictatorship (19471989), the country gained widespread international attention regarding the Revolution of 1956 and the seminal opening of its border with Austria in 1989, previously restricted by the Iron Curtain, which accelerated the collapse of the Eastern Bloc. On 23 October 1989, Hungary again became a democratic parliamentary republic, and now it is a developed country.9 Boundaries: Hungary is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west Administrative divisions: Hungary is divided into 19 counties. In addition, the capital, Budapest, is independent of any county government. Since 1996, the counties and City of Budapest have been grouped into 7 regions for statistical and development purposes; Central Hungary, Central Transdanubia, Northern Great Plain, Northern Hungary, Southern Transdanubia, Southern Great Plain, Western Transdanubia Area: 93,030 km2 (Water 0.74%) Capital: Budapest Population: 9,937,628 (Density: 107.2/km2) GDP (PPP): Total $195.630 billion[4] Per capita $19,637

HDI: 0.831

2. Trade with India


The Second Session of the India-Hungary Joint Commission on Economic Cooperation (JCEC) and the meeting of the Joint Business Commission (JBC) were held at Budapest during February 1-2 2010. The JCEC delegation was led by H.E. Mr. Anand Sharma, Union Minister of Commerce and Industry. Shri Anand Sharma said that greater efforts will be made to step up trade and investment flows between India and Hungary and highlighted new sectors for cooperation like energy, medical equipment, agroprocessing, dairy plants, water management, waste management and waste water purification. Both sides agreed to increase the level of trade to USD 1 billion by 2012. An agreement for oil exploration has already been signed between MOL, the Hungarian Oil Company, and ONGC of India in which MOL is a 35% partner. It was agreed that the two countries will strengthen cooperation in the IT sector and an MoU detailing the areas of cooperation will be entered into between the Hungarian association of IT companies and Electronics & Computer Software Export Promotion Council (ESC) India. The IndiaHungary S&T fund of Euro 2 million per annum for the promotion of joint research projects will soon be operationalized and bilateral S&T projects would be selected for funding. A Social Security Agreement was signed between the two countries on the sidelines of the JCEC, which would address the issues on social security tax particularly in the case of IT sector. An agreement on Trade and Investment cooperation was also signed between Federation of Indian Chambers of Commerce and Industry (FICCI) and ITD Hungary. The chambers of the two countries also signed an agreement on arbitration. Recent years have seen the rapid upgradation of India-Hungary cooperation in diverse sectors. Today, the bilateral cooperation extends not merely to commercial and investment partnerships but also to the fields of agriculture, defence industry, health including Ayurveda, oil exploration, science and technology, and educational and cultural exchanges. This cooperation is set to strengthen even further in the future. 2.3 Trade Figures Over last 11 Years Bilateral Trade (in USD Million)
Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Hungarian Imports 79.2 91.9 104.6 105.6 142.5 297.7 545.5 377.8 271.1 352 362.6 Hungarian Exports 23.2 27.3 31.3 44.5 128.3 100.1 146.9 188.4 354.4 487.8 279.3 Total Trade 102.3 119.2 135.9 150.1 270.8 397.8 692.5 566.1 625.5 839.8 641.9

Over the past 10 years, bilateral trade has increased at a CAGR of 20% but still is way below the target value of $1 billion as agreed in the Second Session of the India-Hungary JCEC.

Major Imports from India (US$ million)


Product (according to the Combined Nomenclature)
Total Imports 29 ORGANIC CHEMICALS 84 NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF 30 PHARMACEUTICAL PRODUCTS 85 ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF 87 VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING-STOCK, AND PARTS AND ACCESSORIES THEREOF 64 FOOTWEAR, GAITERS AND THE LIKE; PARTS OF SUCH ARTICLES 24 TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES 59 IMPREGNATED, COATED, COVERED OR LAMINATED TEXTILE FABRICS; TEXTILE ARTICLES OF A KIND SUITABLE FOR INDUSTRIAL USE 39 PLASTICS AND ARTICLES THEREOF 90 OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS 73 ARTICLES OF IRON OR STEEL 41 RAW HIDES AND SKINS (OTHER THAN FURSKINS) AND LEATHER 40 RUBBER AND ARTICLES THEREOF 42 ARTICLES OF LEATHER; SADDLERY AND HARNESS; TRAVEL GOODS, HANDBAGS AND SIMILAR CONTAINERS; ARTICLES OF ANIMAL GUT (OTHER THAN SILKWORM GUT) 12 OIL SEEDS AND OLEAGINOUS FRUITS; MISCELLANEOUS GRAINS, SEEDS AND FRUIT; INDUSTRIAL OR MEDICINAL PLANTS; STRAW AND FODDER 62 ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, NOT KNITTED OR CROCHETED 99 Special codes 82 TOOLS, IMPLEMENTS, CUTLERY, SPOONS AND FORKS, OF BASE METAL; PARTS THEREOF OF BASE METAL 21 MISCELLANEOUS EDIBLE PREPARATIONS 55 MAN-MADE STAPLE FIBRES 72 IRON AND STEEL 08 EDIBLE FRUIT AND NUTS; PEEL OF CITRUS FRUITS OR MELONS 63 OTHER MADE-UP TEXTILE ARTICLES; SETS; WORN CLOTHING AND WORN TEXTILE ARTICLES; RAGS 33 ESSENTIAL OILS AND RESINOIDS; PERFUMERY, COSMETIC OR TOILET PREPARATIONS 96 MISCELLANEOUS MANUFACTURED ARTICLES 38 MISCELLANEOUS CHEMICAL PRODUCTS 32 TANNING OR DYEING EXTRACTS; TANNINS AND THEIR DERIVATIVES; DYES, PIGMENTS AND OTHER COLOURING MATTER; 76 ALUMINIUM AND ARTICLES THEREOF 61 ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, KNITTED OR CROCHETED 86 RAILWAY OR TRAMWAY LOCOMOTIVES, ROLLING-STOCK AND PARTS THEREOF; RAILWAY OR TRAMWAY TRACK FIXTURES AND FITTINGS AND PARTS THEREOF; 68 ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS 95 TOYS, GAMES AND SPORTS REQUISITES; PARTS AND ACCESSORIES THEREOF 75 NICKEL AND ARTICLES THEREOF 54 MAN-MADE FILAMENTS 83 MISCELLANEOUS ARTICLES OF BASE METAL 52 COTTON 57 CARPETS AND OTHER TEXTILE FLOOR COVERINGS

2011
352.9 81.21 109 49.59 21.84 29.29 14.27 6.84 5.17 3.37 3.2 3.01 1.74 2.61 1.43 1.38 1.73 0.83 0.75 0.98 1.13 0.91 1.33 1.57 0.68 0.53 0.65 0.48 0.06 0.61 1.21 0.51 0.5 0.31 0.4 0.32 0.16 0.4

change
30.20% 47.50% 45.30% 44.70% -7.30% 5.80% 33.30% 159.20% 27.40% 19.70% -28.40% 21.90% 3.10% -18.90% -0.60% -7.20% 95.60% 674.50% -22.20% -60.00% 1.20% 3.30% -12.80% 38.70% 76.80% -29.80% -14.40% -9.60% -35.60% -21.20% -45.80% 154.90% -16.40% 82.30% 52.50% -31.90% -61.30% 9.70%

2012
362.6 107 96.7 47.02 34.96 20.81 11.63 5.12 3.92 3.08 2.99 2.6 2.55 2.05 1.66 1.64 1.52 1.16 1.05 1.05 0.94 0.91 0.85 0.84 0.79 0.67 0.62 0.57 0.55 0.52 0.49 0.49 0.45 0.39 0.35 0.32 0.31 0.3

change
2.70% 32.70% -11.30% -5.20% 60.10% -29.00% -18.50% -25.20% -24.20% -8.60% -6.40% -13.50% 47.00% -21.70% 16.20% 18.80% -12.20% 40.30% 39.70% 7.30% -16.30% 0.30% -36.20% -46.50% 16.60% 25.00% -5.20% 18.60% 800.60% -15.00% -59.30% -3.70% -10.10% 25.70% -13.10% 0.60% 94.00% -25.80%

07 EDIBLE VEGETABLES AND CERTAIN ROOTS AND TUBERS 70 GLASS AND GLASSWARE 53 OTHER VEGETABLE TEXTILE FIBRES; PAPER YARN AND WOVEN FABRICS OF PAPER YARN 58 SPECIAL WOVEN FABRICS; TUFTED TEXTILE FABRICS; LACE; TAPESTRIES; TRIMMINGS; EMBROIDERY 44 WOOD AND ARTICLES OF WOOD; WOOD CHARCOAL 13 LAC; GUMS, RESINS AND OTHER VEGETABLE SAPS AND EXTRACTS 14 VEGETABLE PLAITING MATERIALS; VEGETABLE PRODUCTS NOT ELSEWHERE SPECIFIED OR INCLUDED 09 COFFEE, TEA, MAT AND SPICES 94 FURNITURE; BEDDING, MATTRESSES, MATTRESS SUPPORTS, CUSHIONS AND SIMILAR STUFFED FURNISHINGS; LAMPS AND LIGHTING FITTINGS, NOT ELSEWHERE SPECIFIED 34 SOAP, ORGANIC SURFACE-ACTIVE AGENTS, WASHING PREPARATIONS, LUBRICATING PREPARATIONS, ARTIFICIAL WAXES, PREPARED WAXES, POLISHING OR SCOURING PREPARATIONS, CANDLES 71 NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF; IMITATION JEWELLERY; COIN 28 INORGANIC CHEMICALS; ORGANIC OR INORGANIC COMPOUNDS OF PRECIOUS METALS, OF RARE-EARTH METALS, OF RADIOACTIVE ELEMENTS OR OF ISOTOPES 23 RESIDUES AND WASTE FROM THE FOOD INDUSTRIES; PREPARED ANIMAL FODDER 74 COPPER AND ARTICLES THEREOF 25 SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS, LIME AND CEMENT 91 CLOCKS AND WATCHES AND PARTS THEREOF 46 MANUFACTURES OF STRAW, OF ESPARTO OR OF OTHER PLAITING MATERIALS; BASKETWARE AND WICKERWORK 20 PREPARATIONS OF VEGETABLES, FRUIT, NUTS OR OTHER PARTS OF PLANTS 35 ALBUMINOIDAL SUBSTANCES; MODIFIED STARCHES; GLUES; ENZYMES 06 LIVE TREES AND OTHER PLANTS; BULBS, ROOTS AND THE LIKE; CUT FLOWERS AND ORNAMENTAL FOLIAGE 48 PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD 49 PRINTED BOOKS, NEWSPAPERS, PICTURES AND OTHER PRODUCTS OF THE PRINTING INDUSTRY; MANUSCRIPTS, TYPESCRIPTS AND PLANS

0.31 0.03 0.34 0.37 0.26 0.24 0.14 0.02 0.2 0.05 0.18 0.11 0 0.02 0.01 0 0.02 0.17 0.04 0.02 0.09 0.07

352.80% -82.70% 44.70% 165.60% -51.70% -37.30% 16.10% -78.50% 152.40% -80.30% 16.30% -77.50% -19.80% -53.60% -73.20% -90.50% -68.90% 413.20% 185.40% -9.20% 58.40% -54.20%

0.25 0.24 0.23 0.21 0.21 0.21 0.18 0.18 0.14 0.12 0.11 0.1 0.1 0.08 0.07 0.07 0.07 0.05 0.04 0.04 0.03 0.03

-19.30% 858.50% -33.00% -42.30% -18.40% -13.80% 23.60% 1019.90% -31.70% 134.70% -39.30% -3.60% 5292.90% 241.70% 939.00% 4500.60% 208.00% -73.60% 0.20% 54.80% -64.90% -58.10%

Major Exports to India (US$ million)


Product (according to the Combined Nomenclature) Total Exports 85 ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS 84 NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF 29 ORGANIC CHEMICALS 90 OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS AND APPARATUS 72 IRON AND STEEL 87 VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING-STOCK, AND PARTS AND ACCESSORIES THEREOF 39 PLASTICS AND ARTICLES THEREOF 74 COPPER AND ARTICLES THEREOF 40 RUBBER AND ARTICLES THEREOF 27 MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES 86 RAILWAY OR TRAMWAY LOCOMOTIVES, ROLLING-STOCK AND PARTS THEREOF; RAILWAY OR TRAMWAY TRACK FIXTURES AND FITTINGS AND PARTS THEREOF; 94 FURNITURE; BEDDING, MATTRESSES, MATTRESS SUPPORTS, CUSHIONS AND SIMILAR STUFFED FURNISHINGS; LAMPS AND LIGHTING FITTINGS, NOT ELSEWHERE SPECIFIED OR INCLUDED; 2011 487.75 347.79 62.88 10.12 11.11 2.58 8.2 1.28 7.6 5.87 0.38 2.75 3.11 change 37.60% 42.30% 49.30% 32.70% 13.80% -54.10% 32.60% -71.20% 264.30% 20.50% 137.20% 2.20% 12.40% 2012 279.3 100.93 57.21 31.65 21.13 9.67 7.8 6.43 5.75 4.91 4.35 3.9 3.15 change -42.70% -71.00% -9.00% 212.90% 90.30% 274.70% -4.90% 402.50% -24.40% -16.40% 1054.40% 41.70% 1.20%

73 ARTICLES OF IRON OR STEEL 48 PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD 30 PHARMACEUTICAL PRODUCTS 95 TOYS, GAMES AND SPORTS REQUISITES; PARTS AND ACCESSORIES THEREOF 63 OTHER MADE-UP TEXTILE ARTICLES; SETS; WORN CLOTHING AND WORN TEXTILE ARTICLES; RAGS 70 GLASS AND GLASSWARE 49 PRINTED BOOKS, NEWSPAPERS, PICTURES AND OTHER PRODUCTS OF THE PRINTING INDUSTRY; MANUSCRIPTS, TYPESCRIPTS AND PLANS 33 ESSENTIAL OILS AND RESINOIDS; PERFUMERY, COSMETIC OR TOILET PREPARATIONS 32 TANNING OR DYEING EXTRACTS; TANNINS AND THEIR DERIVATIVES; DYES, PIGMENTS AND OTHER COLOURING MATTER; PAINTS AND VARNISHES; PUTTY AND OTHER MASTICS; INKS 76 ALUMINIUM AND ARTICLES THEREOF 69 CERAMIC PRODUCTS 28 INORGANIC CHEMICALS; ORGANIC OR INORGANIC COMPOUNDS OF PRECIOUS METALS, OF RARE-EARTH METALS, OF RADIOACTIVE ELEMENTS OR OF ISOTOPES 68 ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS 21 MISCELLANEOUS EDIBLE PREPARATIONS 43 FURSKINS AND ARTIFICIAL FUR; MANUFACTURES THEREOF 59 IMPREGNATED, COATED, COVERED OR LAMINATED TEXTILE FABRICS; TEXTILE ARTICLES OF A KIND SUITABLE FOR INDUSTRIAL USE 38 MISCELLANEOUS CHEMICAL PRODUCTS 91 CLOCKS AND WATCHES AND PARTS THEREOF 71 NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF; IMITATION JEWELLERY; COIN 34 SOAP, ORGANIC SURFACE-ACTIVE AGENTS, WASHING PREPARATIONS, LUBRICATING PREPARATIONS, ARTIFICIAL WAXES, PREPARED WAXES, POLISHING OR SCOURING PREPARATIONS, CANDLES AND SIMILAR ARTICLES 81 OTHER BASE METALS; CERMETS; ARTICLES THEREOF 82 TOOLS, IMPLEMENTS, CUTLERY, SPOONS AND FORKS, OF BASE METAL; PARTS THEREOF OF BASE METAL 53 OTHER VEGETABLE TEXTILE FIBRES; PAPER YARN AND WOVEN FABRICS OF PAPER YARN 04 DAIRY PRODUCE; BIRDS\ EGGS; NATURAL HONEY; EDIBLE PRODUCTS OF ANIMAL ORIGIN, NOT ELSEWHERE SPECIFIED OR INCLUDED 83 MISCELLANEOUS ARTICLES OF BASE METAL 17 SUGARS AND SUGAR CONFECTIONERY 58 SPECIAL WOVEN FABRICS; TUFTED TEXTILE FABRICS; LACE; TAPESTRIES; TRIMMINGS; EMBROIDERY 64 FOOTWEAR, GAITERS AND THE LIKE; PARTS OF SUCH ARTICLES 99 Special codes 44 WOOD AND ARTICLES OF WOOD; WOOD CHARCOAL 79 ZINC AND ARTICLES THEREOF 25 SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS, LIME AND CEMENT 41 RAW HIDES AND SKINS (OTHER THAN FURSKINS) AND LEATHER

3.95 4.17 3.41 0.88 1.39 0.18 0.92 0.65 0.8 0.93 0.03 0.15 0.43 0.21 0.35 0.61 0.54 0.41 0.06 0.17 0.08 0.07 0.05 0.15 0.12 0.01 0.05 0.11 0.1 0.01 0.03 0.08 2.71

79.60% 167.10% -21.50% -7.90% 85.00% 327.00% 33.20% -4.20% 32.90% -58.40% 60.50% -86.40% 133.30% 90.30% 178.10% 139.50% -78.40% 484.40% 1.20% 13.80% 24.10% -3.20% -54.80%

2.38 1.9 1.88 1.63 1.57 1.5 1.42 0.86 0.85 0.76 0.72 0.56 0.41 0.32 0.3 0.25 0.25 0.2 0.15 0.14 0.13 0.1 0.09 0.09

-39.80% -54.40% -44.80% 85.20% 13.20% 731.60% 53.50% 31.40% 6.80% -18.30% 1973.10% 270.60% -4.40% 57.20% -13.40% -58.80% -54.00% -50.90% 132.00% -17.10% 52.00% 42.50% 87.10% -44.20% -32.80% 479.10% 16.80% -52.90% -53.70% 414.70% -24.20% -67.90% 25.30%

-31.70%

0.08 0.06

9.10% 597.00% -44.40% -89.20% -86.60% -9.50% 71.30%

0.06 0.05 0.05 0.03 0.02 0.02 3.39

3. Indian companies present in Hungary


The various Indian companies that have a presence in Romania are 3.1 Crompton Greaves CG Hungary is a 100% owned subsidiary manufactures large hydro generators that transform mechanical power from a hydraulic turbine into electric power. It has leveraged its strong engineering and product manufacturing skills to launch a servicing business for (i) refurbishment of other makes of transformers, (ii) calibration of measuring instruments for other divisions and third parties, and (iii) replacement of windings on site. The business has started picking up. For the FY 12, CG Hungary made a loss of Rs. 65.72 cr. It has total assets worth Rs 772.3 cr while liabilities are worth Rs. 642.3 cr. 3.2 Sun Pharmaceuticals Sun Pharmaceuticals bought 100% of the Hungarian arm of ICN Valeant group and renamed it as Alkaloida Chemical Company Zrt. It has a capital reserve of Rs 88.2 cr at the end of FY 12. It holds 43.2% in the capital of Reanal Ltd, a pharmaceutical and Finchemical Company headquartered in Budapest. 3.3 Tata Consultancy Services TCS has developed a delivery centre in Hungary too. It established office in 2001 and upgraded the unit to Global Development Centre. It employs about 900 personnel and has opened an IT Centre of Excellence at Szent Istvan University, Godollo. Recently, in 2012, TCS expanded the facility to accomodate extra 300+ workers. The company plans to expand operations and hires from Hungarian universities too now.

3.4 Kanha Technologies & Intech India Pvt Ltd Novontech-Zala Ltd. was established in 2010 for the development and manufacturing of electronics. In 2012 the Hungarian company entered into strategic partnership with Intech India Pvt. Ltd and Kanha Technologies. Employs 50 workers. 3.5 Thakral Group Orion Electronics Ltd. is the producer of electronics appliances. It is a part of the Thakral Group based in Singapore, with Indian ownership and is an indirect Indian investment in Hungary. It has a total manpower of 250 employees and had a turnover of approx. 30 mill euros in FY 10.

3.6 GenPact Established in 2002 Sept 14 with a US$ 70million investment as it started Business Process Outsourcing in the European market. It employs about 600 personnel. 3.7 Wipro It started a new development centre in Budapest in collaboration with Ericsson and recently established an office in Infopark. It employes about 70 persons. 3.8 Mahindra Satyam It was opened in 2004 and employs a 90-member team operating in Budapest. It has plans to start its BPO wing Nipuna too. 3.9 Ashok Piramal Group APG, through its venture, PMP Auto Components Private Limited is in the business of manufacturing and marketing auto electrical components for Original Equipment Manufacturers (OEMs). PMP Auto is the single supplier of oil pressure switches to every OEM in India with a market share of over 70% of the Indian market. In the global arena, the company boasts of a 7% share in the wiping systems business in the European market and a 2% market share in the global market in this segment. Two major acquisitions in the last two years have propelled the company to a different league. The two European acquisitions of Hungary-based Bakony Wiper Systems and Czech Republic-based PAL International have given the company a strong foothold in the European market. PMP continues to seek new opportunities and is on an accelerated growth path. 3.10 Tata Steel Tata Steel, after acquiring Corus Steel is Europes 2nd and the worlds 10th largest steel producer. Corus Distribution Europe founded a new Distribution Office in Gyr, Hungary, servicing a customer base with slitted rings, cut-to-length sheets and rewinded steel coils for many different industries in the Central and Eastern European region.

4. Hungarian involvements in Indian Projects


4.1 Richter-Gedeon Ltd. Gedeon Richter Plc, established in 1901, is one of the biggest Central European pharmaceutical companies with an annual turnover of about 1 billion. 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.

4.2 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 a block operated by ONGC, and has been collaborating in the field of oil and gas exploration in India. 4.3 Ganz Engineering and Energetics Machinery Limited 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. It was more than 40 years ago that Ganz delivered the first hydraulic turbines to India, to Mohora and Ganderbal Power Stations, which had been followed by the supply of further 30 turbines until today. Ganz delivered to India the hydraulic turbine of the greatest unit capacity ever manufactured by Ganz, the 6-jet Pelton turbine which was delivered to Shanan hydro-power station in 1974. India is considered by Ganz of strategic importance regarding the future. During the past decades Ganz had its own commercial office in Delhi. A 50:50 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. The registered capital was 1 million INR. 4.4 Organica Krnyezettechnolgik Zrt. Founded in 1998 the wastewater management company was one of Hungarys 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 centre and a base of operations for international wastewater management projects. 4.5 Tarant Hungary

The Hungarian IT company Tarant created a 100% subsidiary in Bangalore, the IT capital in Sept 2010 as a 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).

4.6 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.