 "AMW Motors' promoter did not go ahead with the deal to buy NuPower subsidiary")
The plan of Deepak Kochhar’s company NuPower Renewables to sell off its subsidiary Nupower Technologies to A-One Parts & Services, a company promoted by Aniruddha Bhuwalka of AMW Motors, for Rs 1.16 billion in 2016 did not materialise.
The transaction failed as Bhuwalka lost interest in the project mainly because his flagship firm, AMW Motors defaulted on loans taken from a host of public sector banks since 2015, said a source.
NuPower Technologies had a plot of land adjacent to AMW Motors’ plant site in Bhuj, Gujarat, and AMW wanted to expand its capacity to make heavy-duty tipper trucks used
