The Indian company Excel Industries Limited, headquartered in the United Arab Emirates, has bought the Nis-based factory Blok Signal, which used to be a member of the MIN Holding. Excel Industries Limited is a part of a big industrial group within the mechanical and oil industry.
Excel bought Blok Signal for EUR 1 million and is to employ an additional 35 workers in the first year. The Nis factory will continue producing railway and utility equipment under its new owners.
– The support I've received in Serbia for the purchase of this factory means a lot to me. I'll tell this to my business partners and I believe that it will make them want to arrive here as well – points out Samir Edros, co-owner of Excel Industries.
The factory was bought without incentives otherwise provided by the state to foreign investors. Blok Signal was a member of MIN Holding, which had great losses and debts after the privatization of 2003.
– Serbia is now a legally, politically and economically stable and serious country in which potential investors can recognize a good opportunity for expanding their business and making profit – explains Dragan Stevanovic, State Secretary at the Ministry of Economy.
The arrival of Excel to Nis is a result of an agreement reached between the two states in early 2017.
– This is the first concrete result of the talks between the prime ministers of Serbia and India, which took place in January. There are still numerous possibilities for cooperation, primarily in the sector of information technologies and agriculture – said Ambassador of India to Serbia Narinder Chauhan.
The Indian company has been operating since 1981 with the headquarters in Ajman, UAE. Aside from products for the mechanical and oil industry, they also produce components for the aviation industry and medical devices.