Photo: Pradeep Gaur/Mint
Photo: Pradeep Gaur/Mint

Amtek Auto looking to sell non-core business, stake in overseas firms

The company is considering various means to de-leverage the balance sheet by selling of non-core business, says Amtek Auto

New Delhi: Troubled auto component maker Amtek Auto Ltd on Wednesday said it is considering selling non-core business and minority stake in its overseas companies in order to de-leverage its balance sheet.

“The company is considering various means to de-leverage the balance sheet by selling of non-core business, minority stake in its overseas companies and sale of industrial real estate assets within the group business," Amtek Auto said in a regulatory filing.

However, as on date, nothing has been finalized as yet, the company added.

Last year, the company had appointed Morgan Stanley as an adviser to assist in its debt reduction plan. The Amtek group is understood to owe over 26,000 crore to 32 banks, including State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda, Bank of India, IDBI Bank, Bank of Maharashtra and UCO Bank.

Besides the financial problems, Amtek Auto has been facing investigation by Sebi into alleged share price manipulation at its subsidiary, Castex Technologies, with role of banks, mutual funds and rating agencies also coming under the scanner.

Close
×
My Reads Logout