In early 2004, Mahindra & Mahindra (M&M) decided that the automotive components business had significant growth potential. M&M viewed forgings as a critical facet of this business. In a period of two years, Mahindra Forging has grown from revenues of zero to over $450 million dollars with a global footprint that includes multiple manufacturing facilities in India, Germany, and the UK. To create Mahindra Forgings in record time, a unique route of inorganic and organic growth was employed.

M&M’s initial acquisition was Amforge Industries Ltd, based in Chakan (near Pune). Amforge provided the India base for Mahindra Forging, as well as a portfolio of key products: crankshafts, connecting rods, stub axles, and steering knuckles. Currently, M&M is expanding the Chakan plants capacity.

Mahindra’s first foray into European market was through Stokes Forgings in the UK. Stokes is the largest automotive forging company in the UK with key market share in products such as hubs, levers, and control arms. Stokes is technologically advanced and produces near-net shape forgings – forgings which are produced with extremely high yields.

Mahindra’s next stop was Germany. With one of the largest automotive industries in the world, Germany was an attractive market. Mahindra entered Germany through Jeco Holding AG, a forging company with a diverse product mix and partner to the elite OEMs of Germany and those around the world.

Mahindra’s latest acquisition is a company with a history of over 140 years in forging. Schöneweiss GmbH is one of the hallowed institutions in forging – it is one of five companies in the world that can produce front axle beams.

Through these acquisitions and by finding value wherever it may be, Mahindra has created the fifth largest forging company in the world in under two years.