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The bankruptcy court has approved Ramkrishna Forgings' bid to acquire JMT Auto, a subsidiary of the Amtek Group, through the corporate insolvency resolution process. Ramkrishna Forgings will offer INR 125 crore to acquire JMT Auto, which has admitted financial liabilities of over INR 165 crore. This acquisition is seen as a positive development in the manufacturing sector and may lead to more acquisitions through the Insolvency and Bankruptcy Code (IBC).

The bankruptcy court has approved Ramkrishna Forgings' bid to acquire JMT Auto, a subsidiary of the Amtek Group, through the corporate insolvency resolution process. Ramkrishna Forgings will offer ₹125 crore to acquire JMT Auto, which has admitted financial liabilities of over ₹165 crore. This acquisition is seen as a positive development in the manufacturing sector and may lead to more acquisitions through the Insolvency and Bankruptcy Code (IBC).

The metal forgings maker is set to acquire JMT Auto, an auto components manufacturer, after it receives a written order from the principal bench of NCLT

At meeting held on 18 January 2021The Board of JMT Auto on 18 January 2021 has decided to sell a few non-core assets of the Company comprising vacant Industrial plot, a few Residential flats and other plots of land. The total value of the asset being less than 5% of the total Net Worth of the Company as per the last Financial Year 2019 -20. Net Blook of Assets as on 31 March 2020 - Rs 112.35 crore Value of Assets proposed to be sold - Rs 5.07 crore Percentage of Assets proposed to be sold of the Net Block of Assets - 4.52% The proceeds of the sale are to be used mainly to reduce the debt of...