Steel Strips Wheels update on resolution plan submitted for AMW Autocomponent

Steel Strips Wheels announced that the resolution plan submitted by the company for acquisition of AMW Autocomponent (AACL) under corporate insolvency resolution process has been approved by the committee of creditors of AACL on 21 September 2021. The company has received letter of intent dated 21 September 2021 from the resolution professional of ACCL. The company has accepted the terms of letter of intent.

The closure of the transaction shall be subject to regulatory approvals including approval of the NCLT.

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