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KKR files for bankruptcy against Amtek Global; Blackstone buys Carnival property

19 July, 2017

Private equity giant KKR has initiated bankruptcy proceedings against the Singaporean subsidiary of debt-laden auto component manufacturer Amtek Auto Ltd, the Mint reported citing people aware of the development.

Amtek Global Technologies Pte. Ltd owes KKR close to $450 million in debt, the report said.

KKR has hired consultancy firm PricewaterhouseCoopers to manage multiple bankruptcy filings against Amtek Global in all the countries where it has operations.

Amtek Global has manufacturing plants in the US, Latin America and Europe.

In 2014, Amtek Global had taken on a long-term loan of €235 million (around $293 million) from KKR.

In another development involving a private equity firm, Blackstone has bought a commercial property from multiplex chain Carnival in Chandigarh for Rs 2,200 crore, the Business Standard reported, citing sources.

The property covers an area of 1.8 million square feet, which includes a shopping mall, a hotel and office space. Carnival had bought the property in 2015 from L&T Realty for Rs 1,785 crore, the report said.

Meanwhile, The Economic Times reported, citing people aware of the development, that PE-backed ReNew Power is in talks with Orange Renewable to buy its assets of close to 600 MW for $950 million.

ReNew Power is one of India’s largest renewable energy producers. It has 2 GW of commissioned capacity and 1 GW of under-construction clean energy assets across 11 states in India.

New Delhi-based Orange Renewable is a fully-owned subsidiary of Singapore’s AT Holdings Pte Ltd. It has presence in wind and solar energy production.

ReNew Power is backed by Goldman Sachs and Japanese energy major JERA Inc., which picked up a 10% stake for $200 million (Rs 1,333 crore). ReNew has raised as much as $863 million since its inception in 2011.

There is another deal brewing in the renewable energy sector with French energy company Engie in talks with Singapore-based Equis Energy to buy its India energy assets, the Mint reported citing people aware of the development.

Equis Energy has a portfolio of 544 MW under operation. Of this, 414 MW are wind power assets and the rest are solar. It has 130 MW of solar assets in the development stage, the company said in a statement.

Engie has a solar power capacity of 810 MW in India.

In the consumer durables sector, Crompton Greaves Consumer Electricals Ltd is in talks to buy Videocon’s home appliances company Kenstar for Rs 1,500 crore, The Times of India reported quoting sources aware of the development.

Videocon Group wants to pare its debt of around Rs 35,000 crore by selling Kenstar, the report added.

Crompton Greaves Consumer makes fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters, irons and electric lanterns.

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KKR files for bankruptcy against Amtek Global; Blackstone buys Carnival property

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