Amtek Auto may suffer $18 million losses on currency woes

New Delhi, Mar 28 (UNI) Amtek Auto Ltd today said as a result of recent turbulence in the global currency market and its resultant impact, it expects losses upto 18 million dollars over a period of next two years.

''The currency market has in the recent past been highly volatile. Owing to such volatility, some of the hedges and swaps could expose the Company to potential losses upto 18 million dollars over a period of next two years,'' said a statement.

The statement added the Company has taken proactive measures to restrict the same and the promoters have undertaken to bring in the matching amount to meet the obligation, should they arise, in the form of 10 year zero per cent NCD / Preference Shares.

UNI PBB MP AS1747