A unit of Amtek Auto, Amtek Global Technologies, has recently attained a €235 million (US$291.58 million) in a secured long term loan. They acquired the loan from Kohlberg Kravis Roberts, a global investment firm. They took the loan to replace its existing short term loan.
In the final agreement signed by the two parties will see Kohlberg Kravis Roberts providing €235 million of long term and flexible financing to Amtek Global Technologies to replace its current bridge loan and to consolidate the entirety of the firm’s existing debt.
The companies’ spokespersons issued a joint statement which said that this facilitation will provide a valuable boost to help integrate the company’s current international operations under the guidance of AGT with its Singapore headquarters.
The Amtek Group has an overall annual turnover of more than US$2.7 billion. Amtek Group manages 56 facilities of a world class caliber. It also manufactures components for passenger cars, commercial vehicles as well as two wheelers and three wheelers.
AGT Chief Executive Officer Kunal Sabharwal recently said that the current long term financial solution that they have acquired is a crucial milestone for the Amtek Group on an international business. The flexibility that the loan offers to enable the company to further scale the production platform and advance the global growth strategy to the usefulness of their popular blue chip customers as well as stakeholders.
The financing is also believed to be the formation of a long term partnership with KKR. Amtek Auto shares closed at the BSE 1.05 percent lower than its previous close.