<article><a href="http://dealstreetasia.com/tag/liberty-house" target="_blank" rel="noopener">Liberty House</a> has emerged as the highest bidder for <a href="http://dealstreetasia.com/tag/amtek" target="_blank" rel="noopener">Amtek Auto Ltd</a>, paving the way for the UK-based company&#8217;s foray into the Indian market.</article>

<a href="http://dealstreetasia.com/tag/liberty-house" target="_blank" rel="noopener">Liberty House</a> has emerged as the highest bidder for <a href="http://dealstreetasia.com/tag/amtek" target="_blank" rel="noopener">Amtek Auto Ltd</a>, paving the way for the UK-based company&#8217;s foray into the Indian market.
&#8220;Liberty House&#8230;is set to make a dramatic entry into India after being chosen as preferred H1 bidder for Amtek Auto assets which include 35 automotive component plants across India, Japan, Thailand and Spain, employing some 6,000 people,&#8221; the company said in a statement.
Amtek Auto is one of 12 large insolvency cases that lenders took to the National Company Law Tribunal (NCLT) for a resolution last year. The company owes Rs12,586 crore to creditors.
Bharat Forge, Liberty House, Blackstone India, TPG Asia, Bain Capital, Farallon Capital Management LLC were reported to have submitted expressions of interest to acquire Amtek. However, lenders received only two bids for the beleaguered auto components firm earlier this year.
The bids by Liberty House and Deccan Value Investors were both rejected by creditors as they were lower than the valuation quoted for Amtek Auto. Liberty House subsequently submitted a revised bid early last month.
Separately, State Bank of India initiated insolvency proceedings against Amtek Auto subsidiary Castex Technologies Ltd in October last year. While Castex had total debt of Rs 6,285 crore, two other units of Amtek &#8212; Metalyst Forgings Ltd and Amtek Ring Gears Ltd &#8212; had debts of Rs3,473 crore and Rs2,000 crore respectively.
It was recently reported that lenders were considering a proposal to sell the company along with its units, after receiving an unsatisfactory initial response from bidders.
&#8220;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,&#8221; Liberty House said in its statement.
&#8220;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,&#8221; it added.
Liberty House has also reportedly put in a last-moment bid to acquire another cash-strapped company, Bhushan Power and Steel Ltd.
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Amtek Auto is one of 12 large insolvency cases that lenders took to the National Company Law Tribunal (NCLT) for insolvency resolution last year.

India: UK's Liberty House emerges top bidder for bankrupt Amtek Auto

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India: UK's Liberty House emerges top bidder for bankrupt Amtek Auto

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