Thursday, July 3, 2008

Amtek Auto: ChrysCap picks up 7%

Private Equity (PE) firm ChrysCapital has acquired 7% stake in India’s leading auto ancillary company Amtek Auto. The investment is in the form of P-Note holding. ChrysCapital has mopped up over 9.3m shares through six bulk deals transacted at different prices on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Apart from ChrysCapital, Amtek Auto has many other foreign investors on the board including Warburg Pincus, Citigroup, Swiss Finance Corporation and Oppenheimer Funds.

Amtek Auto is on a global investment drive, both organic and inorganic. The Gurgaon based company recently acquired UK-based gear company, Triplex Ketlon. Now, Amtek is leading the race for a controlling stake in German castings company KSM Castings for around EUR250m (around INR17bn). If the deal is successful, it will be one of the largest acquisitions by an Indian company in the automotive forging category. The proposed acquisition will consolidate its business in the mature western European market, where Amtek already enjoys 40% market share.

No comments: