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Last Updated : Apr 25, 2017 04:11 PM IST | Source: Moneycontrol.com

To save Amtek from debt distress, company chief looks at selling own assets

Auto parts maker Amtek Auto is facing a tough challenge of reducing debts on its books. In hopes to solve this problem, company’s Chairman and founder Arvind Dham is looking at the option of selling assets owned by him, reports Mint.

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Auto parts maker Amtek Auto is facing a tough challenge of reducing debts on its books. In hopes to solve this problem, company’s Chairman and founder Arvind Dham is looking at the option of selling assets owned by him, reports Mint.

According to sources privy to the matter, Dham is looking at the option of selling Indraprasta Engine Parts Pvt. Ltd (IEPPL), an auto component manufacturing company which he owns in his personal capacity.

“Dham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd ( STL) have reached an advanced stage,” said one of the two people. “Dham is keen to show to the lenders that he is willing to put his own money even though the plans to sell Amtek Auto’s assets to repay its debt have not been successful.”

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Amtek Auto had defaulted on bond repayments of close to Rs 800 crore in September 2015 and it owed Rs 8,066 crore to various lenders as on 30 September 2016.

As per Mint report, company’s consolidated debt at the group level is higher.

Amtek is aggressively working on debt reduction plans. In a regulatory filing, the company in February had said that it is planning to raise Rs 117.5 crore by selling shares to promoters on a preferential basis.
First Published on Mar 15, 2017 12:03 pm
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