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Hungarian–Turkish Joint Venture Being Formed

Text: defence.hu / MTI | Photo: defence.hu archive |  12:31 December 19, 2023

The Rába Jármű Ltd., part of the business portfolio of the vehicle industry company Rába Járműipari Holding Nyrt. and the Nurol Makina Hungary Ltd., the Hungarian subsidiary company of the Turkish Nurol Makina ve Sanayi A.S. signed documents to establish the Hungarian–Turkish joint venture named Gidran Armored Vehicles Ltd. on Monday, 18 December – wrote the Győr-based vehicle producing company on the website of the Budapest Stock Exchange (BSE) on Monday.


According to the statement, the aim of the joint venture is to develop the ability to assemble and produce the four-wheel drive Gidran armored vehicles at the Rába group in Hungary with a maximum Hungarian added value, Hungarian supply and primarily for the Hungarian Defence Forces.

The joint venture syndicate agreement was countersigned by the Rába Nyrt., the Nurol Makina ve Sanayi A.S, the N7 Holding Ltd. and the Hungarian Ministry of Defence. The statement also referred to the event when the Rába Nyrt. signed a memorandum of understanding with the N7 Holding Ltd., the Nurol Makina ve Sanayi A.S. and its Hungarian subsidiary company on 31 October to explore the establishment of a joint venture with the aim of a manufacturing cooperation. The participants of the cooperation successfully agreed on the details of the partnership based on the memorandum of understanding – they wrote.

The Rába Járműipari Holding Nyrt. produced a HUF 56 billion revenue and a HUF 1.6 billion net income in the first three quarters of year. Its business portfolio is made up of four independent but connected branches of undercarriage, component, vehicle and engine, out of which undercarriage is the largest member company. The shares of Rába Nyrt. are listed in premium category in BSE. The share was quoted at HUF 1495 on Monday before closing. During last year, its highest price was HUF 1575, while the lowest was HUF 1105.