Moneycontrol Be a Pro
Get App
you are here: HomeNewsBusiness
Last Updated : Oct 27, 2017 01:18 PM IST | Source: Moneycontrol.com

SBI now begins bankruptcy proceedings against Amtek Auto arm: Report

The event comes three months after Amtek Auto, one of the 12 debt-ridden firms identified by the Reserve Bank of India (RBI), was taken to bankruptcy court.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The State Bank of India (SBI) has started bankruptcy proceedings against Castex Technologies, an Amtek Auto subsidiary, sources told Mint.

This comes three months after Amtek Auto, one of the 12 debt-ridden firms identified by the Reserve Bank of India (RBI), was taken to bankruptcy court.

The subsidiary is an iron casting company and is based in Haryana. The company is one among the 29 firms where the RBI had directed early resolution. If not followed, the firms will be brought under the Insolvency and Bankruptcy Code (IBC) before December 31.

Close

Sources told the paper that the bank is also looking into Amtek's two other units — Metalyst Forgings and Amtek Ring Gears. The move comes about after many investors, including Bharat Forge, Bain Capital, showed interest to buy a stake in the group.

The Amtek Group has consolidated assets worth Rs 26,080 crore and the group is spread across various sectors such as forging, iron and aluminium casting, machining and sub-assemblies.

Castex stood with a total debt of Rs 6,285 crore at the end of March 2017. The other two subsidiaries — Metalyst and Amtek Ring Gears — had debts of Rs 3,473 crore and Rs 2,000 crore, as on March 31, 2017.

Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.
First Published on Oct 27, 2017 01:18 pm
Loading...
Follow us on
Available On