Mahindra CIE acquired Auranagabad Electricals for Rs 830 crore, marking its entry into the aluminum die-casting industry.
While Mahindra CIE, a multi-technology company, is an automotive components supplier, AEL are the leading producers of aluminum die casting, fasteners and auto electrical parts. This acquisition will therefore translate into an upsurge in revenue for both the companies as MCIE strengthens its presence in the two-wheeler segment and expands the customer base.
Ander Arenaza, Chief Executive Officer, MCIE, said, "With the complementary product and customer mix of Aurangabad Electricals Ltd, the business portfolio of MCIE India will further diversify. This will also help us strengthen our presence in the two-wheeler space.”
Aluminium die-casting is used to make smooth, well-defined metal parts by forcing molten metal under high pressure into a mould. AEL has capabilities for machining, heat treatment, powder coating, assembly and leak testing, along with a modern tool room. They supply to a number of domestic and global two-wheeler