SSWL, also known as, Steel Strips Wheels Ltd, is set to inject Rs 138 crore into AMW Autocomponent Ltd following the approval of its resolution plan by the Ahmedabad Bench of the National Company Law Tribunal. This decision was made by the company’s board and disclosed in a recent regulatory filing.
Steel Strips Wheels Ltd (SSWL) is an entity specializing in the design and manufacturing of automotive wheels. Working in both steel and alloy wheel categories, SSWL is showcasing a diverse and innovative product range. The company is focused on meeting the stringent quality standards of the automotive industry, ensuring durability and performance in its offerings. SSWL specializes in the creation and production of automotive wheels, encompassing both steel and alloy variants. AMW Autocomponent Ltd (AACL), on the other hand, operates in the automotive component sector, contributing to the intricate supply chain of the industry. AACL’s focus lies in providing high-quality components, catering to various segments within the automotive realm. Both SSWL and AACL represent essential pillars within the automotive landscape, each contributing distinctive expertise to propel the industry forward.
As per a recent regulatory filing following the approval of the resolution plan by the Ahmedabad Bench of the National Company Law Tribunal, the board of the company has finalized a strategy. Following this plan, SSWL is slated to inject a sum of Rs 138.15 crore into AMW Autocomponent Limited (AACL) utilizing a combination of equity and debt. This infusion aligns precisely with the resolution plan endorsed by the NCLT in Ahmedabad, as outlined in the filing made public on Tuesday.
The sum is intended to serve as complete and ultimate compensation for financial creditors, operational creditors, workmen/employees, and other creditors affiliated with AACL. This allocation will be considered a complete fulfillment of SSWL’s responsibility as per the ratified resolution plan, stated the company.