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Indian buyers of Delphi turn away
By agencies
|
Monday, 09 January 2006, 20:30 IST
MUMBAI: Indian auto parts makers who were interested in acquiring the assets of bankrupt U.S. company Delphi have turned away from deal citing unviable financial terms and difficulty in relocating or transferring the businesses.
Some Indian companies who showed interest in buying the non-core assets of Delphi were Amtek Auto, Krishna Maruti, Bharat Forge, Rico Auto and Sona Steering. However these companies have acquired ancillary assets of other companies both in the U.S. and Europe.
After filing for Chapter 11 Bankruptcy protection in October 2005, Delphi said it will sell non core assets worth $400-500 million in 2005 and focus on profitable operations. Indian companies were interested in buying the specific line functions which have synergy with their businesses.