Liberty House, part of Sanjeev Gupta’s global industrial group GFG Alliance, on Wednesday said it has emerged as the successful highest bidder for Amtek Auto Ltd, paving the way for the former’s entry into the Indian market.
“Liberty House…is set to make a dramatic entry into India after being chosen as preferred H1 bidder for Amtek Auto assets which include 35 automotive component plants across India, Japan, Thailand and Spain, employing some 6,000 people,” the company said.
The announcement of Liberty as the successful preferred bidder was made in the committee of creditors meeting held Tuesday and confirmed by the insolvency resolution professional on Wednesday. This follows the corporate insolvency resolution process of Amtek Auto which began on 24 July 2017.
Commenting on Wednesday’s announcement GFG Executive Chairman Sanjeev Gupta said, “This is a very proud moment for GFG and for my family. We are very excited about this opportunity to restore a great Indian business to its rightful position and add a major new asset portfolio to our international network. This business will be the cornerstone of our strategy…and expand our footprint in the automotive sector worldwide.”
“We look forward to working closely with the high calibre customer base Amtek Auto enjoys. We are very pleased to be able to secure the jobs of 6,000 workers and welcome them to the global GFG family.”
Amtek Auto is one of 12 large insolvency cases which the key lenders took to insolvency resolution process under the National Company Law Tribunal (NCLT). Amtek is one of the largest integrated auto component manufacturers in India with operations across forging, iron and aluminium casting, machining and sub-assemblies.
Douglas Dawson, chief executive of Liberty Industries Group, said: “India is one of the most promising markets in auto and we are well poised to bring our expertise and impeccable track record in this sector from the UK to India, focusing on rapid innovation and growth.”
Source: Mint