Amtek Auto locked at 5% upper circuit after Liberty House emerges as highest bidder

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26 Aug, 2025 12:21

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Amtek Auto shares were locked at 5 percent upper circuit at Rs 23.80 on Thursday after Liberty House, the global industrial and metals group, has chosen as preferred H1 bidder for buying company's assets.

There were pending buy orders of 319,003 shares, with no sellers available on the BSE, at 10:06 hours IST.

With this development, Liberty House is poised to make its maiden manufacturing presence in India. The company is part of the USD 10 billion GFG Alliance and is owned by Sanjeev Gupta, a British industrialist of Indian origin.

“Liberty House, part of Sanjeev Gupta's global industrial group GFG Alliance, is set to make a dramatic entry into India after being chosen as preferred H1 bidder for Amtek Auto Pvt Ltd assets which include 35 automotive component plants across India, Japan, Thailand and Spain, employing some 6,000 people,” the company said in a statement.

The announcement of Liberty as the successful preferred bidder was made in the committee of creditors meeting held on March 6 and was confirmed by the resolution professional on March 7.

“This business will be the cornerstone of our strategy to bring GREENMETAL to India 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 6000 workers and welcome them to the global GFG family,” Gupta, Executive Chairman of GFG said.

Amtek, which is one of the 12 large accounts identified by the Reserve Bank of India under Insolvency and Bankruptcy Code, has been facing bankruptcy proceedings over defaults of Rs 12,700 crore worth of loans.

Apart from Liberty House, American hedge fund Deccan Value had also bid for the company.

Amtek Group companies - Castex Technologies and Metalyst Forgings were also rallied 5 percent each intraday.