Amtek Global Technologies, a unit of Amtek Auto, has secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts (KKR), to replace its existing short- term loan.
As part of the definitive agreement inked between the two firms, KKR will provide Amtek Global Technologies (AGT) 235 million euro of long-term, flexible financing to 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 AGT," the companies said in a joint statement.
The Amtek Group, which has annual turnover of over USD 2.7 billion and manages 65 world-class facilities, produces components for passenger cars, commercial vehicles and two- and three-wheelers.
"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," AGT CEO Kunal Sabharwal said.
This financing is the beginning of a long-term partnership with KKR that will enable the company to continue to develop new and exciting opportunities in the automotive components market, he added.
Shares of Amtek Auto today closed at Rs 164.15 apiece on the BSE, down 1.05 per cent from its previous close.
