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Indian Auto firms show interest in Delphi
By agencies
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Thursday, 24 November 2005, 20:30 IST
MUMBAI: A group of Indian auto parts makers have shown keen interest in buying some businesses of the bankrupt U.S. company Delphi. Amtek Auto, Krishna Maruti, Bharat Forge, Rico Auto and Sona Steering are looking to purchase certain Delphi Divisions. They are planning to make their final moves now.
The $29 billion Delphi filed for Chapter 11 bankruptcy last month and is focusing on selling its non-core assets worth $400-$500 million in 2005 and instead concentrate on profitable operations. Deals are at the initiation level right now.
Sona Steering is keen to purchase Delphis steering systems; Amtek and Bharat Forge are interested in the forging, machining and casting businesses. Krishna Maruti is looking at the seating and door trims business. Goldman Sachs is believed to be working for Amtek Auto while ABN Amro was advising Sona Steering though independent confirmation is not available.
Industry sources have revealed that Amtek Auto, Sona Steering and Krishna Maruti have sent teams to the U.S. to visit some of the locations.