MOL acquires bus company ITK

Telco

Hungarian oil and gas company MOL on Tuesday said it is acquiring a majority stake in bus company ITK Holding. MOL said the acquisition fits well with its 2030 mobility strategy.

One of the aims of the strategy, unveiled earlier, is to transform MOLʼs retail business "into a service provider to offer the most desired services to people on the move," such as car-sharing, electric mobility and operation of vehicle fleets and solutions for public transportation in cities.

MOL has already launched a car-sharing service in the capital, dubbed MOL Limo, and has established MOL Fleet Solutions to manage the companyʼs own fleet of vehicles as well as the fleets of business partners.

ITK operates more than 200 buses in Budapest and Debrecen (eastern Hungary). It has also developed a suburban bus in partnership with the local unit of German automotive giant Daimler.

ITK Chairman-CEO György Kossa said MOLʼs acquisition of the stake in the company would support its further growth.

ITK had revenues of HUF 433 million last year, public records show. As reported earlier, the company started serial production of Mercedes Benz Reform 500 LE buses at its plant in Debrecen in the spring.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.