India's Bajaj Auto to Take Control of KTM With €800 Million Loan
Indian motorbike maker Bajaj Auto Ltd. plans to acquire a controlling stake in cash-strapped KTM AG and has lined up a debt funding package of as much as €800 million ($907 million) that will save the Austrian company from bankruptcy.
Bajaj Auto has already infused €200 million of debt support in the maker of MotoGP bikes, and will deploy the remaining amount ahead of a deadline to repay creditors, it said in a filing to exchanges in Mumbai Thursday. The funding package includes a €450 million secured term loan to KTM and €150 million in convertible bonds issued by parent Pierer Bajaj AG.
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