India's Bajaj Auto to take control of KTM with $906mln debt deal
India's Bajaj Auto plans to take control of KTM AG as part of an 800 million euro ($906.2 million) debt package aimed at reviving the troubled Austrian motorcycle maker, it said on Thursday.
The move will see the 'Pulsar' motorcycle manufacturer, which has been a minority investor in KTM since 2007, shift from a dormant stakeholder to a strategic lead, aligning governance and injecting fresh capital to restore KTM's operations.
KTM AG, which develops and sells motorcycles under the KTM and Husqvarna brands and exports to around 80 countries, filed for court restructuring proceedings in November amid severe liquidity issues.
Its creditors are set to receive 30% of their claims in cash by May 23.
As part of the restructuring, Bajaj Auto has already infused 200 million euros in KTM and will deploy an additional 600 million euros to settle creditor claims and restart the business.
Bajaj will acquire a controlling stake in its unit Pierer Bajaj AG and indirectly take control of KTM's parent, Pierer Mobility AG.
KTM and Bajaj jointly develop products in India. Bajaj Auto holds a 37.5% stake in the KTM business via its unit.
How much its stake would rise to after the deal was not immediately clear.
Bajaj Auto did not immediately respond to a Reuters request for comment. ($1 = 0.8828 euros) (Reporting by Meenakshi Maidas and Indranil Sarkar in Bengaluru; Editing by Mrigank Dhaniwala)
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