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AION, SSG Capital in race for Amtek; Brookfield-Kotak eyes Jaypee’s power assets

29 December, 2017

India-focussed special situations fund AION Capital, stressed assets investor SSG Capital, UK-based Liberty House and hedge fund Deccan Value Investors have submitted separate resolution plans to acquire debt-laden Amtek Auto Ltd, Business Standard reported citing persons aware of the development.

Auto component maker Amtek Auto is undergoing a corporate insolvency resolution process initiated by National Company Law Tribunal.

As of 31 March 2017, the company’s consolidated debt stood at Rs 13,772 crore.

Incorporated in 1985, Amtek Auto manufactures auto components applying various processes including forging, aluminium die casting, machining and sub-assembly.

Meanwhile, Canadian alternative asset manager Brookfield and Kotak Mahindra group have submitted a joint bid for power assets of Jaiprakash Power Ventures Ltd, The Economic Times reported citing two persons aware of the development.

The value of the deal will be around Rs 3,500-4,000 crore, the report cited one of the persons as saying.

Jaiprakash Power Ventures has a power generation capacity of 2,220 megawatts comprising one hydro power plant (400MW) and two thermal power plants (500MW and 1,320MW).

Brookfield will own 90% of the assets and Kotak will hold the remaining stake, according to the report.

The lender banks and financial institutions have converted their loans into equity under strategic debt restructuring. Jaiprakash Associates is no longer the holding company.

As of 30 September 2017, an ICICI Bank-led lender consortium held 50.16% stake in the company.

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AION, SSG Capital in race for Amtek; Brookfield-Kotak eyes Jaypee’s power assets

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