December 23 2013, 12:39 Reuters

Russian retailer Magnit to set up transport arm in Hungary

Russia's biggest food retailer, Magnit , will set up a transport company in eastern Hungary creating around 1,500 jobs, Hungarian foreign affairs state secretary Peter Szijjarto was quoted as saying on Friday.

National news agency MTI reported Szijjarto as saying that Magnit's road haulage arm will have a fleet of 1,000 trucks, which will transport foodstuff from European Union member states including Hungary to the retailer's shops in Russia.

Magnit earlier this year overtook rival X5 as Russia's No.1 grocery chain by revenue.