Argentum Motors a company floated by B V R Subbu, former president of Hyundai Motors India, Ajay Singh, promoter of budget airline Spicejet, and Ashish Deora, who runs a broadband company has offloaded 10% of its stake to three leading private equity and hedge funds D E Shaw, Rand Corporation of South Africa-promoted proprietary fund Satwa based in Hong Kong and Infrastructure Leasing and Financial Services Ltd (IL&FS).
Argentum took over the Daewoo Motors India factory near Delhi, which shut shop four years ago, for Rs 800 crore and is planning to set up one of the country’s largest auto ancillary units and function as a third-party manufacturer for auto companies.
The three funds have collectively forked out Rs 200 crore for the 10 per cent stake and have also provided the company a loan worth Rs 100 crore.The company is also looking for a fresh investment of Rs 500 crore to upgrade the facility and might look at more equity investors to finance the project.
Read more in The Business Standard article.
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