Steel Strips Wheels To Funnel Rs 138 cr in AMW Autocomponent By CIOTechOutlook Team

Steel Strips Wheels To Funnel Rs 138 cr in AMW Autocomponent

CIOTechOutlook Team | Wednesday, 10 January 2024, 03:36 IST

Steel Strips Wheels Ltd (SSWL) intends to invest Rs 138 crore in AMW Autocomponent Ltd as part of an insolvency resolution strategy. The board of directors made the decision after the Ahmedabad Bench of the National Company Law Tribunal approved its AMW Autocomponent resolution plan, according to a regulatory filing.

"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, as per economic times.

SSWL is a market leader in vehicle wheel design and manufacturing, offering both steel and alloy options.

Our cutting-edge facilities cater to a diverse variety of domestic and international automakers while maintaining the highest quality requirements. We are situated in Chandigarh and have manufacturing facilities in Dappar (Punjab), Oragadam (Chennai), Jamshedpur (Jharkhand), Mehsana (Gujarat), and Saraikela (Jharkhand).

These plants have a total manufacturing capacity of more than 20 million wheels per year and are expanding as we explore new opportunities. We have established a successful and long-term strategic cooperation with Indian industrial heavyweights such as Tata Steel Ltd. and international companies such as South Korean Kalink Co.