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PE-backed Amtek Auto sells 5% stake in subsidiary to foreign investor for $4.1M

Amtek Auto is backed by private equity firms Warburg Pincus and ChrysCapital.

Auto component maker Amtek Auto Ltd has sold 5 per cent stake in its subsidiary Amtek Crankshafts (India) Ltd to an unnamed foreign investor for Rs 22.38 crore ($4.1 million), according to a BSE filing. The deal values the unit at Rs 447.6 crore or $83 million.

Set up in 1997, Gurgaon-based Amtek Crankshaft manufactures automotive components including crankshafts for two-wheelers, tractors, passenger cars and stationary engines. It was formerly known as Amtek Siccardi India Ltd, but was re-name in September 2007.

As on March 2011, the subsidiary reported a turnover of over Rs 477 crore and profit after tax of 38.7 crore.

Amtek Auto shares last traded at Rs 79.45 a unit, down 2.87 per cent on the BSE in a strong Mumbai market on Wednesday.

Amtek Auto is backed by private equity firms Warburg Pincus and ChrysCapital. Both the PE firms had earlier invested in Amtek India but exited the firm following a group restructuring when the promoters, led by Arvind Dham, sold their stake in Amtek India to Amtek Auto in a consolidation exercise.

The Amtek Auto Group is an integrated component manufacturer with 43 manufacturing facilities located in India (39) and Europe (4).

(Edited by Sanghamitra Mandal)

Amtek Auto Ltd. is engaged in manufacturing automotive components. Its products include flywheel ring gears, machining, forging, casting aluminium, grey and ductile iron casting, gravity and high-pressure aluminum die casting and machining and sub-assembly. It also offers components for non-auto sectors such as the railways, specialty vehicles, aerospace, agricultural and heavy earth moving equipment. The company was founded in 1985 and is based in New Delhi, India with additional offices in United Kingdom and Haryana.

(Warburg Pincus LLC)

Warburg Pincus India Pvt. Ltd. is a private equity firm with over $39 billion assets under management. It provides expansion, growth stage, buyouts, spin-off, restructuring and recapitalization capital to companies operating in North America, Europe and Asia. The firm seeks to invest in financial services, healthcare, industrial, technology, media and telecommunications, energy, consumer and retail and real estate sectors. It typically acts as lead investor in transactions with an average investment period between five and seven years and takes a board seat in its portfolio companies. Warburg Pincus India Pvt. Ltd. was founded in 1966 and is based in Mumbai, Maharashtra with head quarters in New York and additional offices in Beijing, Hong kong, London, and Tokyo. The company was originally founded in 1939 as E.M. Warburg & Co. which was later acquired by Lionel I. Pincus & Co. forming Warburg Pincus Private Equity.

(ChrysCapital Management Company)

ChrysCapital Investment Advisors India Pvt. Ltd. (formerly known as Chrysalis Capital) is a private equity firm with $2.5 billion assets under management. It provides early stage, expansion, growth and buyout capital to listed and unlisted companies operating in India. The firm seeks to invest in consumer goods and business service, infrastructure, manufacturing, healthcare, pharmaceuticals and financial sectors. It typically invests between $30 million and $300 million in the companies with revenues ranging from $50 million to $1 billion. The company was founded in 1999 and is based in Port Louis, Mauritius with additional offices in Mumbai and New Delhi.

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