Amtek Auto denies report of being frontrunner for KSM casting

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New Delhi, July 2 (UNI) Auto parts maker Amtek Auto Ltd today said it is looking for various acquisition targets but nothing has been finalised as yet.

The clarification came admist media reports suggesting the company has emerged as the front runner for the Frankfurt-based KSM Castings, a supplier of light metal casting products for the automotive industry.

''We are looking for various acquisition targets but nothing has been finalised as yet,'' the company said in a statement.

If the deal, the size of which is expected to be around 250 million euros (around Rs 1,700 crore), goes through, it will be one of the largest acquisitions by an Indian company in the automotive forging space.

The proposed acquisition is part of Amtek's strategy to consolidate its business in the European market.

The company enjoys around 40 per cent market share in Western Europe.

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