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AMW Motors hopes to ride again - soon

The Mumbai-based truck manufacturer, which in the past has given giants such as Tata Motors a tough fight, owes Rs 1,800 crore to a consortium of banks

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Amw Motors

Swaraj Baggonkar  |  Mumbai 

A consortium of banks, led by IDBI Bank, has been kept busy by a little known maker of trucks for the past several months. Mumbai-based AMW Motors, the maker of heavy duty tipper trucks used in mining, owes Rs 1,800 crore to these banks.

Reluctant to let another non-performing asset hurt their already stressed balance sheets, the banks were ready to talk to anybody who was willing take over management control of AMW and repay the debt, at least to some extent if not all. Sources at AMW say that banks have held talks with Russia's commercial vehicle manufacturer Kamaz for diluting 51 per ...

First Published: Mon, June 27 2016. 21:23 IST
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