New Delhi: Troubled auto component maker Amtek Auto Ltd appointed Morgan Stanley as advisors to assist in its debt reduction plan.

In a regulatory filing, the firm said it was considering various options, including a minority stake sale of up to 25-40%in its overseas business.

Amtek Auto also said that it has “received a large number of enquires for the outright purchase of a couple of the company’s overseas businesses which include for instance Tekfor group.”

The Amtek group is understood to owe over Rs 26,000 crore to 32 banks, including State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda, Bank of India, IDBI Bank, Bank of Maharashtra and UCO Bank.

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