The Chandigarh bench of the National Company Law Tribunal (NCLT) on Wednesday approved UK-based Liberty House's resolution plan to acquire Amtek Auto. With this, the British billionaire Sanjeev Gupta has bagged another asset from the NCLT list.
“This is a very significant moment for Liberty House and GFG Alliance. We are very excited about this opportunity to restore a great Indian business to its rightful position and add a major new asset portfolio to our international network,” Liberty said in a statement.
Last week, the Kolkata bench of NCLT approved Liberty House's resolution plan to acquire Adhunik Metaliks and its group company Zion Steel. GFG Alliance, which spends in industrial and energy assets run by Liberty House, will running these NCLT-listed assets. The auto component maker Amtek Auto is also one of the clients of Adhunik Metaliks.
Though the buyout price was not revealed by Liberty House, lenders have taken a haircut of 65 per cent. Also, as per earlier reports, Liberty is said to have made a bidding offer of Rs 43.34 billion for Amtek Auto. Amtek Auto had received only two binding bids-Liberty House and Deccan Value.
New Delhi-based Amtek Auto with strong presence overseas has forging, iron casting, aluminium and machining facilities in India.
Among other NCLT-listed assets, Liberty House has bid for ABG Shipyard and is the sole bidder for the debt-laden entity. Also, the company is bidding for Odisha-based Bhushan Power & Steel, facing stiff competition from Tata Steel, the country's oldest steel producer.