Mahindra CIE Automotive Share Price

Mahindra CIE

CMP as on 17-Sep-21 15:59

₹ 236.00
8.95 3.94%

Open

₹ 229.60

Turnover (lac)

₹ 2,182

Prev. Close

₹ 227.05

Day's Vol (shares)

₹ 9,24,523

Day's Range (₹)

₹ 226.50
₹ 239.75

CMP as on17-Sep-21 15:30

₹ 237.05
10 4.4%

Open

₹ 231.00

Turnover (lac)

₹ 56

Prev. Close

₹ 227.05

Day's Vol (shares)

₹ 87,453

Day's Range

₹ 226.50
₹ 239.70

Mahindra CIE Automotive Limited (MCAL), erstwhile Mahindra Forgings Limited, is in the business of manufacture and supply of engine and chassis forged components for commercial and passenger vehicles, such as crankshafts, steering knuckles, stabilizer bars, gear blanks, front axle beams, levers, flanges, control arms, camshafts, connecting rods, pitman arms and piston rods and other non-automotive products. MCAL has 11 subsidiaries overseas out of which Schneweiss, our German subsidiary, is one of the leading axle beam manufacturers in the world. MCALs other German subsidiaries viz. Jeco-Jellinghaus GmbH, Gesenkschmiede Schneider GmbH and Falkenroth Umformtechnik GmbH are providers of a diverse range of forging products, primarily for heavy commercial vehicles, and collectively manufacture more than 250 products. MCALs UK subsidiary Stokes has an expertise in flashless forgings. MCAL subsidiaries have manufacturing facilities at seven locations in Germany, at two locations in UK.Mahindra Forgings Ltd was incorporated on August 13, 1999, as a public limited company with the name Mahindra Automotive Steels Ltd. In January 15, 2003, the company was converted into a private limited company and the name was changed to Mahindra Automotive Steels Pvt Ltd.As per the scheme of arrangement between the company and Amforge Industries Ltd, the entire Chakan unit of the Amforge Industries Ltd as a going concern together with all the assets and liabilities relating to the Chakan unit transferred to and vested in the company with effect from April 1, 2005. In April 4, 2006, the company was again converted into public limited company and the name was changed to Mahindra Automotive Steels Ltd. During the year 2006-07, the company expanded the installed capacity of Forgings by 1,773 MT to 42,765 MT. They changed their name from Mahindra Automotive Steels Ltd to Mahindra Forgings Ltd with effect from September 26, 2006 with a view to signify the true character and nature of business activity undertaken by the company.During the year 2007-08, the company expanded the installed capacity of Forgings by 5,307 MT to 48,072 MT. Also, they set up a World class Tool Room and Die shop to upgrade their operations. In December 2007, Mahindra Stokes Holding Ltd ultimately holding Stokes Group of Companies, Mahindra Forgings Overseas Ltd ultimately holding Jeco Group of Companies and Mahindra Forgings Mauritius Ltd ultimately holding Schoneweiss Group of Companies were amalgamated with the company with effect from appointed date April 01, 2007.During the first quarter of 2008-09, the company commissioned three additional presses, namely 2 x 4000T Presses and 1 x 6300T Press, virtually doubling the capacity. In addition, they re-commissioned the 5000T Press in the last quarter of the financial year.In June 2010, the companys direct 100% subsidiary Mahindra Forgings Global Ltd, Mauritius transferred their entire investment in Schoneweiss & co GmbH, Germany to the companys 100% step-down subsidiary Mahindra Forgings Europe AG, Germany thereby consolidating all their German operations under one holding company, Mahindra Forgings Europe AG.On 15 June 2013, the Mahindra Group (India) and CIE Automotive S. A. (Spain) announced the signing of a global alliance agreement between Mahindras automotive component businesses (held under its Systech Sector) and CIE Automotive (involving also its subsidiary Autometal). The agreement will see the formation of a global automotive component supply network with combined annual sales of approximately Rs 15000 crore/Euro 2.2 Billion/USD 3 Billion with operations in North America, South America, Europe and Asia held through listed businesses in Spain, Brazil and India. As part of the transaction, CIE Automotive - through one of its subsidiaries - will acquire from Mahindra Group a stake in its listed and unlisted companies belonging to Systech Automotive Component business and CIE Automotive will contribute its forging businesses in Spain and Lithuania and together consolidate all companies under Mahindra Forgings Limited (MFL) which will be rechristened Mahindra CIE. Mahindra CIE will continue to be listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange). The proposed business transaction will be carried out in a series of steps over the next year that will culminate in Mahindra & Mahindra (M&M) taking a stake of 13.5% in CIE Automotive, which is listed in Spain making it the second largest shareholder in CIE Automotive and CIE Automotive taking a majority stake in a single listed entity in India which will continue to operate the current Systech automotive component businesses globally and include CIEs European forgings operations. The Board of Directors of Mahindra Forgings at its meetings held on 15 June 2013 approved an Integrated Scheme of Merger under Section 391 to 394 of the Companies Act, 1956, involving Mahindra Hinoday Industries Limited, Mahindra Ugine Steel Company Limited, Mahindra Gears International Limited, Mahindra Investments (India) Private Limited and Participaciones Internacionales Autometal Tres S.L. (Transferor Companies) with Mahindra Forgings Limited (Transferee Company), with an appointed date of 1 October 2013. The Board also approved a Scheme of Merger under Section 391 to 394 of the Companies Act, 1956, involving merger of Mahindra Composites Limited with Mahindra Forgings Limited, conditional upon the Integrated Scheme of Merger becoming effective. The Board of Directors of Mahindra Forgings at its meeting held on 4 October 2013 noted the transfer of 4.85 crore equity shares of Rs 10 each (Sale Shares) from Mahindra and Mahindra Limited (M&M), aggregating to 50.81% (fifty point eighty one percent) of the paid up fully diluted equity share capital of the company, to Participaciones Internacionales Autometal Dos, S.L (PIA 2) and that necessary regulatory filings in this regard including filing Form FC-TRS will be filed within the stipulated timeline under applicable law. Consequent to the aforesaid transfer of the Sale Shares, the Company would cease to be a subsidiary of Mahindra & Mahindra Ltd (M&M) and become a subsidiary of PIA 2 with immediate effect.The name of the company was changed from Mahindra Forgings to Mahindra CIE Automotive Limited with effect from 27 November 2013.The Board of Directors of Mahindra CIE Automotive Ltd (MCAL) at its meeting held on 12 September 2016 resolved to acquire 100% of equity shares of Bill Forge Private Limited (BFPL) for Rs 1331.2 crore. The Board of Directors of MCAL also resolved to issue 54.49 million shares to CIE Automotive SA (CIE) and BFPL shareholders, including the Haridass Family and Kedaara Capital at Rs 200 per share. Founded in 1982, BFPL is a market-leading precision forging company based in Bangalore, India with 6 manufacturing facilities in India across Bangalore, Coimbatore and Haridwar and an upcoming plant in Celaya, Mexico. Kedaara Capital invested in BFPL in 2015 to support the growth of the company. BFPL is a crucial supplier to a number of domestic and global two-wheeler and passenger car OEMs and Tier 1 auto component companies. It manufactures a variety of cold, warm, hot forged and machined components primarily for steering, transmission and wheel-related assemblies. This acquisition increases MCALs operations in the high growth Asian markets and reinforces CIE groups/MCALs position as a leading global forgings player. BFPLs complementary product and customer mix leads to a significant diversification in the business portfolio of MCAL India. On 26 October 2016, Mahindra CIE Automotive Ltd announced that it has completed the acquisition of all the shares of Bill Forge Private Limited (BFPL) from the respective shareholders and BFPL has become a wholly owned subsidiary of the company. The Board of Directors of Mahindra CIE Automotive Ltd at its meeting held on 27 April 2017 approved amalgamation of Mahindra Gears & Transmissions Private Limited (MGTPL) and Crest Geartech Private Limited (Crest) along-with Mahindra Forgings International Limited (MFIL) and Mahindra Forgings Global Limited (MFGL) and amended the Scheme to include to include the new transferor companies. Earlier, on 12 December 2016, Mahindra CIE Automotive Ltd had informed stock exchanges about the approval of the Board of Directors of the company to the Scheme of Amalgamation of MFGL and MFIL with Mahindra CIE Automotive Ltd. MFGL, MFIL and MGTPL are direct wholly owned subsidiaries of Mahindra CIE Automotive Ltd and Crest is held 100% by step down subsidiary of the company Metalcastello S.p.A Italy. It is proposed to purchase the shares in Crest from Metalcastello S.p.A thereby making it a direct wholly owned subsidiary of the company. No shares will be issued as consideration for the amalgamation of MFGL, MFIL, MGTPL and Crest with the company. The Board of Directors of Mahindra CIE Automotive Ltd at its meeting held on 20 July 2017 accorded its approval to invest in a company to be incorporated by Gescrap Desarrollo, S.L.U (Spain) in the name and style of Gescrap India Private Limited (net entity) or such other name as may be approved by the Registrar of Companies. Gescrap Desarrollo, S.L.U (Spain) is a private company specialized in metal recycling and total waste management with headquarters in Sestao (Spain) currently operating in Europe, USA, Russia, Mexico and Brazil. The new entity shall be engaged in metal recycling and total waste management in India. CIE Automotive acquired an additional 5% in Mahindra CIE Automotive Ltd from Mahindra & Mahindra on 29 June 2018 for an amount of approximately 60 million Euros. After the transaction, CIEs stake in the company has increased to above 56%.

  • Independent Director

    Suhail A Nathani
  • Director

    Jesus Maria Herrera Barandiaran
  • Director

    Zhooben Bhiwandiwala
  • Independent Director

    Manoj Maheshwari
  • Independent Director

    Dhananjay Mungale
  • Chairman (Non-Executive)

    Shriprakash Shukla
  • Executive Director

    Ander Arenaza Alvare
  • Company Secretary

    Pankaj Goyal
  • Independent Director

    Kadambi Narahari
  • Independent Director

    Alan Savio DSilva Picardo
  • Independent Director

    Roxana Meda Inoriza
  • Executive Director

    MANOJ MULLASSERY MENON
  • Whole-time Director

    Anil Haridass

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