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Steel Strips Wheels to invest Rs.138-Cr in AMW Autocomponent
Source AMW Autocomponent Ltd (opens in a new tab)Economic Times (opens in a new tab)
Steel Strips Wheels Ltd (SSWL) will invest INR 138 crore in AMW Autocomponent Ltd (AACL) as part of an insolvency resolution plan. This decision was taken after the Ahmedabad Bench of the National Company Law Tribunal (NCLT) gave its nod for its resolution plan for AMW Autocomponent. The investment will be done through a mix of equity and debt.The funds will be used as full and final settlement of financial creditors, operational creditors, workmen/employees and other creditors of AACL, and will be treated as full discharge of SSWL's obligation under the approved resolution plan.AACL was incorporated in June 2009 and has been engaged in manufacturing wheel rims for passenger, commercial and agricultural vehicles. It has an integrated manufacturing facility at Bhuj, Gujarat. It is the largest single location steel wheel rim manufacturing plant in India.