Steel Strips Wheels to invest Rs 138 crore in AMW Autocomponent as part of insolvency resolution plan
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05:17 PM IST
Steel Strips Wheels Ltd (SSWL) will invest Rs 138 crore in AMW Autocomponent Ltd as part of an insolvency resolution plan.
The company's board has decided on the plan after the Ahmedabad Bench of the National Company Law Tribunal gave its nod for its resolution plan for AMW Autocomponent, a regulatory filing said on Tuesday.
"SSWL shall infuse Rs 138.15 crore into AMW Autocomponent Limited(AACL) through a mix of equity and debt as per the resolution plan approved by NCLT Ahmedabad," it said.
The amount will be utilised 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, it added.
SSWL is into designing and manufacturing automotive wheels, both under the steel & alloy categories.
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