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Slovak business to open joint venture in India

A joint Slovak venture, Way Industries owned by Ľudovít Černák, Peter Gabalec and Martin Kvietik, plans to open a facility for production of loading-machines for the construction industry in India, the Hospodárske noviny economic daily (HN) wrote on August 9.

A joint Slovak venture, Way Industries owned by Ľudovít Černák, Peter Gabalec and Martin Kvietik, plans to open a facility for production of loading-machines for the construction industry in India, the Hospodárske noviny economic daily (HN) wrote on August 9.

The investment would not involve any initial financing in its first phase as the Slovak company has partners in India and Way Industries would deliver only know-how. The required technologies will be secured by Indian partners, Černák told HN.

The principals in Way Industries represent two Slovak business giants, Slavia Capital and Sitno Holding. Igor Mesenský, head of an advisory company, opined to HN that this form of enterprise was chosen due to current Indian legislation which prefers that at least part of products sold on the domestic market should be manufactured in India.

Source: Hospodárske noviny

Compiled by Zuzana Vilikovská from press reports
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