Amtek Global Technologies to raise Rs. 1,800 crore from Kohlberg Kravis Roberts, consolidate debt.

Amtek Global Technologies, subsidiary of Delhi-based auto component maker Amtek Auto, is set to raise 235 million euros (about Rs. 1,800 crore)from global investment firm Kohlberg Kravis Roberts (KKR) to meet its long-term financing needs and consolidate its entire debt with a single entity.

The $2.7 billion Amtek Group, a leading forging and casting company which manages 65 production facilities across the globe and manufactures a wide range of components for a broad spectrum of automobiles, will utilise the funds to partly retire its debt and meet its future expansion needs.

The two firms recently signed a definitiveagreement, which will help Amtek Auto integrate its existing international operations under the Singapore headquartered Amtek Global Technologies.

The new arrangement will help replace Amtek Global's existing bridge loan, thecompany said in a statement. 'This flexibility will enable us to scale our manufacturing platform and advance our global growth strategy. KKR has presented us with a one-stop solution to consolidate our financing facilities across Amtek's international businesses. This consolidation will enable us to develop new opportunities in the automotive components market across the world,' Kunal Sabharwal, CEO of AmtekGlobal Technologies said.

ET