Mahindra CIE completes acquisition of Aurangabad Electricals; shares rise 1.41%

Mahindra CIE Automotive announced the completion of the acquisition of Aurangabad Electricals yesterday April 9, 2019. The shares of the company rose 1.41% to INR 226.20 at 11:43 IST on BSE after the announcement.

Mahindra CIE Automotive announcement said that it had acquired 100% issued and outstanding share capital of Aurangabad Electricals (AEL) from the respective shareholders and subsequently AEL has now become a wholly owned subsidiary of Mahindra CIE.

On 12 March 2019, Mahindra CIE Automotive announced the board decision to acquire the business of AEL through acquisition of 100% of equity shares for an enterprise value of INR 875.60 crore. The value also included a future deferred payment estimated upto INR 62.20 crore.

AEL is a manufacturer of automotive aluminium die casting products based in Aurangabad, India, with five manufacturing facilities in Aurangabad, Pune and Pantnagar. Operating for more than 30 years, it manufactures a variety of automotive parts including body, brake and engine parts using high pressure die casting as well as gravity die casting processes. AEL also has capabilities for machining, heat treatment, powder coating, assembly and leak testing, along with a modern tool room.

Mahindra CIE Automotive is an automotive components supplier and a subsidiary of Spain’s CIE Automotive group. The parent company is a specialized global supplier of components and subassemblies for the automotive market.

Mahindra CIE Automotive reported net loss of INR 89.48 crore in Q4 December 2018 as against net profit of INR 14.65 crore in Q4 December 2017, though net sales increased 9.54% to INR 614.91 crore in Q4 December 2018.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.