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Steel Strips Wheels Ltd (SSWL) would invest ₹138 crore in AMW Autocomponent Ltd as part of their insolvency resolution strategy. According to a regulatory filing, the firm's board decided after the National Company Law Tribunal's (NCLT) Ahmedabad Bench approved the resolution plan for AMW Autocomponent.
"SSWL shall infuse ₹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 stated.
The funds will be used to satisfy AACL's financial creditors, operational creditors, employees, and other creditors, as well as to discharge SSWL's obligations under the authorised resolution plan, according to the statement.
SSWL designs and manufactures automotive wheels in both steel and alloy categories.
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