Troubled auto component firm Amtek Auto today said its arm Amtek Global Technologies will sell its UK-based subsidiaries’ plants to the Liberty group.
“Amtek Global Technologies, a subsidiary of Amtek Auto, has entered into an agreement to sell its UK-based subsidiaries’ plants to the Liberty group,” Amtek Auto said in a BSE filing.
In July last year, debt-ridden Amtek Auto said it is considering selling non-core business and minority stake in its overseas companies in order to de-leverage its balance sheet.
Further details of the transaction were not disclosed. The Amtek group is believed 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.
The auto component maker has been struggling to make a turnaround ever since it reported “temporary cash flow mismatch” in 2015 and defaulted on payment of an estimated ₹800-crore bond.