India's Amtek readies $250 mln to buy firms abroad

Newswire

By Narayanan Somasundaram MUMBAI, May 19 (Reuters) - Indian auto parts maker Amtek Auto Ltd. has earmarked $250 million to buy companies in the United States and Europe, where vehicle makers are cutting costs by sourcing components from Asia, a top official said on Friday. Amtek, which makes transmission, gear box and engine parts, would spend another $100 million to expand manufacturing in India to cater to the factories of acquired entities, Finance Director Santosh Singhi said. "We ...

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