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Business EconomyPosted at: Apr 18 2018 3:39PM


Amtek Auto executes SPA with Nippon Steel, Sumitomo Metal Corporation

Mumbai, Apr 18(UNI)Amtek Auto has signed and executed Share Purchase
Agreement (SPA) with Nippon Steel and Sumitomo Metal Corporation
(NSSMC) to sell all equity shares and preference shares held by the
company in its Joint Venture Company, SMI Amtek Crankshaft (SMI) to
NSSMC.
''Pursuant to the approval granted by the committee of creditors of
Amtek Auto (AAL)....for sale of all equity shares and preference
shares held by AAL in SMI Amtek Crankshaft Pvt Ltd (SMI) to Nippon
Steel and Sumitomo Metal Corporation (NSSMC), AAL has signed and
executed share purchase agreement with NSSMC,'' Company said in a
filing with BSE.
Consequent to the approval of the resolution plan of Amtek Auto by
the National Company Law Tribunal and on the coming into the effect
of sale of the company's 50 percent stake in accordance with terms
of SPA, SMI Amtek Crankshafts shall cease to be Joint Venture
Company of Amtek Auto, filing added.
Amtek Auto manufactures components such as connecting rod
assemblies, flywheel ring gears and assembly, steering knuckles,
suspension and steering srms, CV joints, crankshaft assemblies and
torque links.
UNI JS RJ 1541
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Tags: #Amtek Auto executes SPA with Nippon Steel# Sumitomo Metal Corporation
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