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Liberty House, Deccan Value bid for Amtek Auto; Goldman Sachs exits Vatika Hotels

Debt-laden Amtek Auto Ltd has received bids from US-based hedge fund Deccan Value Investors and UK-based metals and industrial group Liberty House, a business daily reported.

According to The Economic Times, the two companies have submitted their resolution plans along with the bid bond guarantee.

Auto component maker Amtek Auto, which was incorporated in 1985, is undergoing a corporate insolvency resolution process initiated by the National Company Law Tribunal. As of 31 March 2017, the company’s consolidated debt stood at Rs 13,772 crore.

The report said the bids could be higher than the liquidation value as the company is one of the top suppliers to original equipment manufacturers Maruti Suzuki and Tata Motors.

Vatika Hotels

Vatika Hotels Pvt. Ltd, a subsidiary of real estate developer Vatika Ltd, has bought its shares back from American investment banking major Goldman Sachs to become a 100% stakeholder, media reports said.

The value of the deal, however, was not disclosed.

VCCircle had reported in 2016 that Goldman Sachs was looking to exit Vatika Hotels. BIPEF Vatika Holding Ltd, an affiliate of Goldman Sachs, had acquired a 21.12% stake in Vatika Hotels for Rs 255 crore in late 2014, valuing the company at Rs 1,200 crore.

Vatika Hotels operates two Westin-branded hotels in Gurgaon, besides other outlets under the Coriander Leaf and Nukkadwala brands, according to its website.

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