NEW DELHI: India’s biggest sports utility vehicle maker, Mahindra & Mahindra (M&M) announced yesterday that it was acquiring a 13.5 percent stake in Spanish auto component company CIE Automotive.
The announcement of the “multi-structured” cross-holding equity deal caps two years of talks between the Indian equipment-to-aerospace conglomerate and the Spanish company.
M&M said it will invest ¤94.24m ($125.72m) through its subsidiaries for a 13.5-percent stake in CIE Automotive SA at a price of ¤6 per share. In turn, M&M will sell stakes in three group firms — Mahindra Forgings, a listed unit of Mahindra, Mahindra Hinoday Industries and Mahindra Composites. AFP
