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Bagla Group, Fontana Gruppo tie-up for fastener business in India
Mumbai:Indian auto component maker Baglla Group and Italy’s Fontanana Gruppo signed a strategic partnership on Monday in a bid to expand their presence in the Indian fastener market. In a statement, promoter Rishi Kumar Bagla said Bagla’s partnership with Fontana Gruppo will provide technical expertise and scale to its fastener business to become the largest fastener manufacturer in India. Fontana Gruppo Giuseppep Vice President Fontana He said that the strategic partnership with bagla, Group in India is part of the company’s strategy to expand its business in emerging markets. In a statement, he said, “Fontana Gruppo proposes to leverage local manufacturing capabilities and engineering expertise in India to serve customers in multiple countries.” Domestic automotive OEM (original equipment manufacturer) customers such as Bajajaja Group, Fiat, Volkswagen, Maruti, and overseas OEMs and major customers such as Chrysler, Rotax, and GPM. BMR Advi...
DorothyAugustus
48
June 2, 2024
Fontana Gruppo, Italy and Bagla Group tie-up for fasteners business in India
ET bureau Mumbai: Fontanana Gruppo of Italy and Bagla Group have signed a definitive agreement for a strategic partnership for their fastener business in India. Fontana Gruppo Giuseppe’s Vice President of Economics, Fontana, said: “The strategic partnership with the Bagla Group in India is an important milestone in our strategy to expand our business in emerging markets. India is the most promising country in the world at this stage.” Fontana Gruppo plans to utilize its local manufacturing capabilities and engineering expertise in India to serve customers in various countries. The Bagla Group, led by Rishi Composition Kumar Bagla is a leading supplier of automotive components in western and northern India, involved in aluminum die casting, automotive fasteners, automotive electrical and refrigeration products. Fontana Gruppo Italy is a global technology leader in the fastener industry, with sales of about 1 billion dollars and more than 4,200 employees in Eu...
BellaIsabel
71
June 2, 2024
S&P downgrades Amtek Global on liquidity risks at parent company
NEW DELHI: Standard & Poor’s has downgraded its long-term credit rating, reflecting increased liquidity risk from the downgrade of Indian parent Amtek Auto. Standard & Poor’s Ratings Services said in a statement that it believes Amtek Auto may not have sufficient liquidity to meet its interest or debt obligations, which could lead to a default or debt restructuring of Amtek Auto. Amtek Auto, a parts maker under financial pressure, said the current market situation “has led to a decline in the company’s sales and profitability. Amtek’s Singapore-based Global Technologies Pte LTD’s long-term corporate credit rating was downgraded from ‘B’ to ‘CCC’, indicating increased credit risk. In addition, Standard & Poor’s has lowered its rating on Amtek Global’s €2.35 billion senior note secured term loan, €30,000 million revolving credit facility (RCF) issue. ” The rating agency noted that Amte...
DukeStephens
49
June 2, 2024
Steel Strips Wheels ties up with South Korea’s Kalink Co for new plant in Gujarat
New Delhi: Leading automotive steel wheel manufacturer stel Strips Wheels has set up a new alloy wheel manufacturing facility in Gujarat in partnership with Kalink Co, Korea. Considering the growing demand for alloy wheels, Steel Strips Wheels said it has decided to set up an alloy wheel manufacturing plant in Mehsana, Gujarat with an initial capacity of 1.5 lakh alloy wheels. Regulatory filing. The company added that it has supplemented with Kalink signing an agreement to set up the facility. Steel Strips Wheels “This is to meet the growing demand for alloy wheels from original equipment manufacturers, not to meet current supply and expected production capacity over the next five years.” The company said in a separate filing that Kalink has agreed to a 20,000 investment worth $ million in capital (through the acquisition of SSWLL) shares… under mutually agreed terms). Klink is a leading manufacturer of alloy wheels in South Korea. Steel Strips Whe...
NathanielGreen
77
June 2, 2024
Amtek ropes in Morgan Stanley to sell minority stake in foreign arms
NEW DELHI: Amtek Auto Morgan Stanley has been hired to find a buyer, Chairman Arvind Dham said. This is because the auto component maker is trying to get out of its cash woes, exacerbated by bond defaults. Dham said Thursday that it plans to sell a 30 percent stake in some of its overseas subsidiaries. “The rest of the story of our group (completely) selling off overseas assets is not true. You are hearing it from the horse’s mouth,” he told The Economic Times. The overseas assets are handled by its subsidiary Amtek Global Technologies. Private equity funds or strategic investors are sought. After a series of large acquisitions, Amtek Auto is heavily indebted. The group has a consolidated debt of around Rs. 175 billion. The recent target is to bring this down to about Rs 10,000 crore. The company has defaulted on its Rs 80 crore bonds due on September 20th. The company is reportedly looking for 1,000 crore loans to repay creditors. The debt has to be repai...
ArlenAnn
44
June 2, 2024
Special audit report on Amtek Auto likely by next week: Bankers
Mumbai:Crisis-hit Amtek Auto lenders will soon take a decision and formulate a Corrective Action Plan (CAP) based on the special audit report that is likely to be submitted next week. The bankers commissioned a special audit by TR Chadha and Co (City Audit and Accountancy firm) after the company fell into financial difficulties. The New Delhi-based auto component manufacturer failed to repay foreign currency bonds (FCCB) worth Rs 80 crore last month. More than 80 prominent investors have now defaulted on their bonds. Domestic subscribers to the bonds include Axis Bank, Karur Vysya Bank, Syndicate Bank and Corporation Bank. “Amtek Auto final special audit report will be released by the end of the month in 10 A senior official of the public sector bank told PTI. Bankers said that after the special audit, they will decide how much new loans will be given to auto parts companies. “We are working on a corrective plan but it will take some time,” said an o...
BeauWaters
60
June 2, 2024
Amtek Group looks to sell Italian coffee chain Barista
NEW DELHI: Less than a year after acquiring Baristaa when Coffee, debt-laden auto parts maker Amtek Group is considering selling the loss-making Italian coffee chain, three people with direct knowledge of the matter told The Economic Times. Amtek may hire Chi-Tung Consulting to find a potential buyer for Barista, the official said. The company has not yet received signature approval, the official added. Another person said, “A deal could be structured where Arvind Dham pushes Amtek Auto Amteke to liquidate about one-third of the assets of Carnation Hospitality, the management food business.” ‘ Dham recently announced the group’s decision to sell non-core assets and exit non-automotive businesses to repay Rs 80 crore after the company’s insolvency. Email queries that have been sent to Amtekek Auto’s office had not been responded to as of press time on Tuesday. Amtek Baristaa is the fourth owner of Coffee, India’s oldest privately own...
JimEliot
49
June 2, 2024
US-based Cox Automotive buys stake in Mahindra First Choice
Mumbai: Cox Automotive, a US-based digital marketing company, has acquired First Choice Wheels, the used car retail arm of Mahindra Mahindra Mahindra. In this transaction, Mahindra First Choice HDFC was one of the early investors selling four of its holdings through a secondary sale. Inventory. Phi Advisors, the company’s initial private equity investor, sold shares in less than 4% of the sale but retained 25% Other investors also sold smaller stakes, one of the people familiar with the matter said. Cox Automotive and Mahindra confirmed the deal but did not disclose the equity or financial terms involved. Cox Automotive Auto owns Trader, the largest digital auto marketplace in the U.S., and Kelley Blue Book, an automotive research platform. Mahindra First Choice has Indianblue-Book.com, an online auto valuation company. Anand Mahindra, chairman of Mahindra, told The Economic Times, “There are huge global synergies being built in this space.” The Blue Book sh...
NatTennyson
51
June 2, 2024
Bharat Forge, Mahindra CIE vie for Amtek Auto’s German subsidiary
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 f...
JesseNahum
48
June 2, 2024
Chennai floods disrupt auto parts supply across India
(This article was published on December 7, 2015) Chennai: The Chennai floods that have hit not only south Detroit but also most of the companies in the Oragadam-Irughatukottai-Malemalanagar region for most of the past week have now begun to hit automobile companies from around the world. Country. India. Chennai is a major automotive hub with a large number of auto parts suppliers. Toyota Kirloskar Motor (TKM) on Sunday announced a one-day shutdown of production due to shortage of parts from suppliers in Chennai. Considering the situation in Chennai, the company is expected to decide on Monday whether to extend the shutdown. Mahindra Production at Mahindra and other companies declined due to irregular supply of parts from Chennai suppliers. Raja, Senior Vice President and Director Marketing, TKM N, said: “We have around 500 Tier-1 suppliers and some Tier-2 suppliers in Chennai who have been affected by the floods. In addition, our dealers have also been affected due to heavy...
FitchOnions
53
June 2, 2024
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