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Ikarusbus plans partnerships in China, Iran

Hungarian busmaker Ikarusbus Zrt, owned by the country's third-richest man Gábor Széles, wants to set up joint ventures in China, Iran and Russia and export its production technology, business daily Világgazdaság reported. Ikarusbus signed a letter of intent with an unidentified Iranian company to produce 5,000 buses in Iran, Széles told the paper. The busmaker will also work with an unnamed Russian company to produce buses in Russia. Ikarusbus is in talks with an individual from Singapore to establish a joint venture in China and produce 10,000 buses annually, Világgazdaság said. Széles's company would hold 49% of the company while the unidentified majority owner aims to list on Nasdaq within three years, the newspaper added.

 

Széles bought Ikarusbus back from IrisBus, a bus unit of Fiat SpA's truckmaking unit Iveco SpA, in December.