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Bharat Forge, Mahindra CIE vie for Amtek Auto’s German subsidiary

 JesseNahum
  41
 June 2, 2024

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NEW DELHI: Bharat Forge and Mahindra CIE have partnered with Spain’s CIE to merge with India’s Mahindra The group has also joined the race for Amtek’s acquisition of Auo Neumayer Tekfor.

Amtek Auto chairman Arvind Dham He said the two companies were among a number of bidders for the auto parts maker. He told The Economic Times that the bidding process is underway and “we will reach an agreement soon.”

The company acquired Neumayer Tekfor in 2013, in a series of acquisitions that expanded its global presence. But debt incurred to finance the acquisition also weakened its financial position. After the debt could not be repaid due to a cash shortage, Amtek Morgan Stanley was appointed to help sell the company’s overseas assets.

The company plans to raise up to Rs 10 crore (Rs 6,675 crore) through the sale of various businesses in India and overseas. Dham plans to sell a 30-40% stake in Carnation Hospitality, which manages the group’s food business. The asset is Amtek Railcar Industries, which makes railroad wagons. The company is currently in talks with two potential buyers in China and one in the US to sell a 50% stake in Amtek Railcar, a bridge steel construction company. The company is also on the defense and control list.

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