Loss-making Indian car parts maker Amtek Auto is looking to sell its German unit Tekfor, a business with sales of more than 500 million euros ($554 million), two people familiar with the matter said.Amtek, which is on a drive to cut debt, has appointed Morgan Stanley to organise the sale of the maker of driveline components formerly known as Neumayer Tekfor, just two years after buying it out of an insolvency, the sources said.Amtek was not immediately reachable for comment and Morgan Stanley declined to comment. Shares in Amtek almost doubled in a day last month after the company said it may sell stakes in overseas businesses to cut its debt.
Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company provides a variety of products and financial services to a group of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.94% or $0.3/share to $32.38. In the past year, the shares have traded as low as $30.15 and as high as $41.04. On average, 13031100 shares of MS exchange hands on a given day and today's volume is recorded at 1116815.