Liberty House, part of Sanjeev Gupta's global industrial group GFG Alliance, will finally enter India after being chosen as the highest bidder for Amtek Auto Pvt Ltd assets.
This includes 35 automotive component plants across India, Japan, Thailand and Spain, employing about 6,000 people. Deccan Value, a US-registered hedge fund, was the other bidder for this asset.
The London-based group was picked as the successful preferred bidder in the committee of creditors meeting following the corporate insolvency resolution process (CIRP) of Amtek Auto, which began on July 24, 2017.
Amtek Auto is one of the publicised 12 large insolvency cases which the key lenders took to insolvency resolution process under the NCLT (National Company Law Tribunal) in India.
“Following a successful acquisition of Amtek’s operations, GFG intends to apply its GREENMETAL vision in India and develop a full end-to-end enterprise ranging from renewable energy generation and metal-making right through to finished engineering products. As part of this integrated strategy, the group is continuing to pursue other assets in India, some of which are currently in the NCLT process,” Liberty House said in a statement.
While its not clear how much Liberty House has bid for the asset, it said it will look to expand production rapidly.
Sanjeev Gupta, GFG Executive Chairman, said: “This business will be the cornerstone of our strategy to bring GREENMETAL to India and expand our footprint in the automotive sector worldwide. We are very pleased to be able to secure the jobs of 6000 workers and welcome them to the global GFG family.”
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