Slovak investment in India: companies, plants and ventures

This article describes Slovak companies that have invested in India or set up operations there, as listed in the Ministry of External Affairs (MEA) bilateral brief on India and Slovakia. The brief is undated; its latest entries are from March 2026.

Railway wagons and wheels

According to the MEA brief, current to March 2026, the Slovak rail freight car and bogie manufacturer Tatravagonka a.s., Poprad acquired a 26 percent stake in Jupiter Group, Kolkata in 2015. The brief describes Tatravagonka, headquartered in Slovakia, as the leading designer and manufacturer of freight wagons in Europe, with approximately 40 percent market share.

Jupiter Tatravagonka Railwheel Factory has plants in Madhya Pradesh and in Aurangabad, Maharashtra. In April 2025, Jupiter Tatravagonka Railwheel Factory Pvt. Ltd set up what the brief calls India's first private forged railwheel and axle manufacturing plant, in Odisha's Khordha district.

The Envien Group, headquartered in Slovakia, also owns the freight wagon manufacturer Nymwag, established in 2019. Nymwag specialises in tank cars, hoppers, container flatcars and bogies, and its production facility is in Nymburk, Czechia. Nymwag has also entered the Indian market: in 2023, a joint venture was established with Texmaco Rail, which the brief describes as a leading local freight car producer.

In 2024, construction began on a new plant in Kolkata that will be part of this joint venture. The brief states that the facility is expected to produce up to 2,500 freight cars annually, including flatcars, tank cars, hoppers and gondolas.

Ethanol

In March 2023, Zuari Industries Limited entered into an agreement with Envien International Limited of the Envien Group to jointly develop, construct, own and operate a 150 kilo litre per day (KLPD) grain-based (rice and corn) distillery in Uttar Pradesh. The agreement also covers the supply of ethanol to oil marketing companies under the Ethanol Blending Programme of the Government of India.

The distillery has been developed at Aira, Lakhimpur Kheri, UP. The project is being implemented by Zuari Envien Bioenergy Pvt Ltd, which will own and operate it as a joint venture (JV) company.

Machinery and industrial equipment

MicroStep-MIS, which specialises in customised monitoring and information systems, incorporated MicroStep Monitoring Information Systems India Pvt Ltd in Bangalore in 2015. The brief states that it also delivered meteorological systems for 67 military airports for the Indian Air Force.
GMP Slovakia, s.r.o., which the brief describes as a worldwide leader in steel reels, drums, take apart reels and handling equipment for the wire and cable industry, has its main plant in Pribenik. Its second plant, GMP Reels India, was founded in 2013 in Nashik, Maharashtra.
VIPO a.s., Partizanske, established in 1974, carries out research, development and production of machines and electronic systems, mainly bead winding and bead apex machines for the tyre industry. It has around 120 employees and supplies 100 machines a year. Since 2008, it has delivered 27 machines to Indian companies including Apollo Tyres, JK Tyre, MRF, CEAT and BKT, and in June 2025 it incorporated Vipo India Pvt Ltd in Delhi to expand its presence in India.

Services, finance and other businesses

Dajky s.r.o. established a branch in India in October 2022. The brief states that it would work on installing artificial surfaces for cricket stadiums and training pitches, sports fields for schools and universities, and military training fields.
Edgar Baker s.r.o., a human resources company, opened a subsidiary, Edgar Baker Pvt Ltd, in Noida in 2022. It focuses on searching for manager and expert profiles and skilled workforce.
Furbify, which refurbishes and sells used computers, registered Furbify India Pvt Ltd in 2024.
Odyssey 44 a.s.: in 2020, Mr. Martin Kusik, a former partner in M/s Penta Investments s.r.o., Bratislava Group, bought a stake in M/s IDFC First Bank, Mumbai, through his Czech company M/s Odyssey 44 a.s., Prague. As on March 2024, Odyssey 44 owned 3.82% of the Bank's shares.

Since the brief of March 2026

Later developments in India and Slovakia relations, from MEA publications, newest first. The article above reports the brief at its date.

15 June 2026Agreement

India and Slovakia sign documents on labour migration, defence, digital technologies and education

Source: List of Outcomes during the visit of Hon’ble Prime Minister to Slovakia (June 14 - 15, 2026)

15 June 2026Visit

Modi makes first Indian prime ministerial visit to Slovakia; ties raised to Comprehensive Partnership

Source: India-Slovakia Joint Statement (June 15, 2026)

Questions and answers

Which Slovak companies have invested in India?

The MEA brief lists companies including Tatravagonka, the Envien Group and its unit Nymwag, MicroStep-MIS, GMP Slovakia, VIPO, Dajky, Edgar Baker, Furbify and Odyssey 44.

What has Tatravagonka built in India?

Tatravagonka acquired a 26 percent stake in Jupiter Group, Kolkata in 2015. In April 2025, Jupiter Tatravagonka Railwheel Factory Pvt. Ltd set up a forged railwheel and axle plant in Odisha's Khordha district, which the brief calls India's first private plant of this kind.

What is the Zuari Envien ethanol project?

It is a 150 KLPD grain-based distillery at Aira, Lakhimpur Kheri, Uttar Pradesh, developed under a March 2023 agreement between Zuari Industries Limited and Envien International Limited, which also covers the supply of ethanol under the Ethanol Blending Programme.

Sources

This article reports what the sources state at their date and does not add facts from elsewhere. Figures, office holders and agreements may have changed since. Diplo is independent and not affiliated with any government. Suggest a correction.