Rail company Grup Feroviar Roman (GFR), a company owned by Romanian businessman Gruia Stoica, is planing to invest EUR 13 million in acquiring 87.6 percent in the national railway freight operator in Montenegro, according to Ziarul Financial newspaper. “We have been accepted to buy the state company on Montecargo. If our acquisition conditions will be accepted, we will; buy the company,” said Gruia Stoica.

GFR posted a turnover of EUR 101 million last year. Montecargo posted a EUR 5.7 million turnover last year.

This is not Gruia Stoica's first acquisition abroad. Last year the group he controls, Grampet, bought a railway truck factory in Hungary. The group also owns minority share participations in two railway transport firms in Hungary and Bulgaria. In Romania, Grampet owns the rail trcuk repairing factory Remar Pascani and Reva and Turist companies.

GFR is the biggest private railway operator in Romania. Its competitors are state-owned CFR Marfa and Servtrans and Unifertrans private firms.