Global investment firm KKR on Monday announced it will provide long-term financing of 235 million euros to Amtek Auto’s Singapore-based subsidiary Amtek Global Technologies.
This long-term loan of close to Rs 1,800 crore will help Amtek replace its existing bridge loan and consolidate all of the company’s existing debt. “This facility will also act as a catalyst to help integrate Amtek Auto’s existing international operations under the Singapore- headquartered Amtek Global Technologies,” said a KKR release.
Amtek Auto, which has been on an aggressive acquisition spree, has total debt of around Rs 17,142 crore (as at the end of March 2014). Amtek has, in last 18 months, acquired Kuepper Group of companies and Neumayer Tekfor in Germany apart from a majority stake in India’s JMT Auto.