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NCLT approves Liberty House resolution plan to acquire Amtek Auto

With Amtek, Liberty House bags another NCLT-listed asset after Adhunik Metaliks

Aditi Divekar & Advait Rao Palepu  |  Mumbai 

Liberty Steel boss Sanjeev Gupta stands outside his newly bought processing mill in Dalzell, Scotland
File photo: Liberty Steel boss Sanjeev Gupta stands outside his newly bought processing mill in Dalzell, Scotland

The Chandigarh bench of the (NCLT) on Wednesday approved UK-based Liberty House's resolution plan to acquire With this, the British billionaire Sanjeev Gupta has bagged another asset from the NCLT list.

“This is a very significant moment for and 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 is also one of the clients of Adhunik Metaliks.

ALSO READ: NCLT okays Liberty House's resolution plan for Adhunik Metaliks, Zion Steel

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 had received only two binding bids-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, 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.

First Published: Wed, July 25 2018. 16:38 IST
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