Amtek to sell UK plants to Liberty group
Troubled auto component firm Amtek Auto on Friday said its arm Amtek Global Technologies would sell its UK-based subsidiaries' plants to the Liberty group.
"Amtek Global Technologies, a subsidiary of Amtek Auto Ltd has entered into an agreement to sell its UK-based subsidiaries' plants to the Liberty group," Amtek Auto said.
In July last year, debt-ridden Amtek Auto said it is considering selling non-core business and minority stake in its overseas companies in order to de-leverage its balance sheet.
The Amtek group is believed to owe over Rs 26,000 crore to 32 banks, including State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda, Bank of India, IDBI Bank, Bank of Maharashtra and UCO Bank.