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GFR gets 51 percent in CFR Marfa

The largest private railway company in Romania Grup Feroviar Roman (GFR) was appointed winner in the privatization of the state freight operator (CFR Marfa),

July 2013 - From the Print Edition

... after offering EUR 202 million for a 51 percent stake in the company and assuming further investments of RON 900 million plus EUR 1.5 million of investments in the environment, according to Mediafax.
GFR was the only investor left in the race for the privatization of CFR Marfa, after the withdrawal of the joint venture Transferoviar Grup-Donau Finanz and the American company OmniTRAX.
Bids for the sale of a 51 percent stake started at EUR 180 million. The payment will be made within two months after signing the contract, said Minister of Transport Relu Fenechiu.
"The first thing we intend to do is to make CFR Marfa more efficient, to stop being a black hole for the Romanian economy, as it is called today," said Sorin Chinde, general manager of GFR. Currently CFR Marfa still has debts of around EUR 100 million, which will be taken over by GFR. GFR is the largest private player in the rail transport sector in Romania and is part of Grampet group, controlled by businessman Gruia Stoica.



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