Amtek Auto plans to expand in European market
Indian auto parts maker Amtek Auto Ltd is eyeing two more acquisitions in Europe and plans to spend $150 million over two years to set up capacity in low cost countries, its chief said on Wednesday.
“We are evaluating two deals and talks are in an advanced stage,” Chairman Arvind Dham said over telephone. The target firms have revenue of more than $100 million each, he said. Amtek Auto Ltd, which makes steel and aluminium components, will spend $10 million to set up a plant each in China and Romania, Dham said. The company has also appointed a consultant for the merger of group firm Amtek India with itself and the consulant was likely to submit a report in a couple of months, he said.
Amtek Auto Limited is a Tier-1 vendor and is a OEM supplier to Maruti Suzuki, John Deere, TVS Suzuki, JCB, JBML, Case New Holland, GE, Hero Honda, Hindustan Motors, Mahindra & Mahindra, Tata Motors, Sanden Corp., LML Limited, Eicher Tractors, Honda Scooters, Yamaha motors, Bajaj Auto. (financialexpress.com)
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