M&A

M&A

M&M sells its 3.58% stake in Spain’s CIE Automotive for 126-M euros, exits

BSE Announcement   Mint   CIE Automotive  

Mumbai-based Mahindra and Mahindra (M&M) has sold its entire residual 3.58% stake in the Spanish auto component manufacturer CIE Automotive for Euro 126-M. This transaction concludes M&M’s long-standing partnership with the Spanish firm.CIE Automotive is a supplier of automotive components and sub-assemblies, specialising in forging, aluminium, casting, machining, metal stamping, tube forming, plastic, and roof systems. It manufactures high-value-added parts for vehicles, including engines, gearboxes, and chassis.Founded in 2013 through a strategic deal that combined M&M’s component division with CIE Automotive’s global operations, the partnership was designed to bolster both companies’ presence in the Indian and European markets.The company plans to use the capital generated from these divestments to support domestic growth initiatives, specifically the development and launch of 16 new vehicle models, including electric vehicles and internal combustion engine models, over the next five years.

Between Jun 2013 and May 2023, CIE Automotive had acquired and increased its stake in Mahindra CIE Automotive through multiple tranches.