NEW DELHI: Amtek Auto Morgan Stanley has been hired to find a buyer, Chairman Arvind Dham said. This is because the auto component maker is trying to get out of its cash woes, exacerbated by bond defaults. Dham said Thursday that it plans to sell a 30 percent stake in some of its overseas subsidiaries. “The rest of the story of our group (completely) selling off overseas assets is not true. You are hearing it from the horse’s mouth,” he told The Economic Times. The overseas assets are handled by its subsidiary Amtek Global Technologies. Private equity funds or strategic investors are sought. After a series of large acquisitions, Amtek Auto is heavily indebted. The group has a consolidated debt of around Rs. 175 billion. The recent target is to bring this down to about Rs 10,000 crore. The company has defaulted on its Rs 80 crore bonds due on September 20th. The company is reportedly looking for 1,000 crore loans to repay creditors. The debt has to be repaid 90% afte...