Amtek Global Technologies, a subsidiary of forging, casting and integrated machining company Amtek Auto will receive 235 million euros (Rs 1,800 crore) of long-term, financing from global investment firm Kohlberg Kravis Roberts & Co (KKR) to replace its existing bridge loan and consolidate all of the company’s existing debt.
Kunal Sabharwal, Chief Executive Officer of Amtek Global Technologies, said, “This long-term financing solution is a significant milestone for Amtek’s international business. The flexibility it provides enables us to further scale our manufacturing platform and advance our global growth strategy to the benefit of our worldwide blue-chip customers and stakeholders.
"Through its credit business, KKR looks to provide flexible, long-term capital which can help companies achieve their objectives of balance sheet consolidation, deleveraging and long-term growth," said a company statement.
The Amtek Group has annual turnover of over $2.7 billion and manages 65 world-class facilities. AGT has 19 manufacturing facilities across Germany, Italy, UK, Brazil, Hungary, US and Mexico. Company contributes close to 40% of the Amtek Group’s revenues.
In September 2014, KKR had provided Rs 1,000 crore ($164.million) of structured long-term financing to GMR Holdings Pvt Ltd, a holding company of GMR Infrastructure Ltd (GIL), in order to clear its debt. Last year, KKR India had invested Rs 550 crore in Apollo Hospitals through a structured debt deal.
