CIE Automotive India Ltd

CIE Automotive India Limited was originally incorporated as a Public company under the name 'Mahindra Automotive Steels Limited' on August 13, 1999. On January 15, 2003, the Company was converted into a Private limited and the name of the Company was changed to Mahindra Automotive Steels Private Limited. Thereafter, it changed from Mahindra Automotive Steels Private Limited to Mahindra Forgings Limited dated September 25, 2006and again from Mahindra Forgings Limited to Mahindra CIE Automotive Limited and again to CIE Automotive India Limited effective 27 November 2013. CIE Automotive India Limited is a multi-locational and multi-technology automotive components company with manufacturing facilities and engineering in India and in Germany, Spain, Lithuania, and Italy in the European continent as well as a plant in Mexico. The Company is a subsidiary of CIE Automotive, Spain. Presently, it 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. As per the Scheme of Arrangement between the Company and Amforge Industries Limited, the entire Chakan Unit of the Amforge Industries Limited was transferred to the Company, as a going concern effective from April 1, 2005. During the year 2006-07, the company expanded the installed capacity of Forgings by 1,773 MT to 42,765 MT. 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 company's direct 100% subsidiary Mahindra Forgings Global Ltd, Mauritius transferred their entire investment in Schoneweiss & co GmbH, Germany to the company's 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) signed a Global Alliance Agreement between Mahindra's automotive component businesses and CIE Automotive with operations in North America, South America, Europe and Asia held through listed businesses in Spain, Brazil and India. The Board of Directors of Mahindra Forgings at its meetings held on 15 June 2013 approved an Integrated Scheme of Merger 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, 1 October 2013. The Board also approved a Scheme of Merger, for merger of Mahindra Composites Limited with Mahindra Forgings Limited, conditional upon Integrated Scheme of Merger becoming effective. 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 MCAL's operations in the high growth Asian markets and reinforces CIE group's/MCAL's position as a leading global forgings player. BFPL's 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. CIE Automotive acquired an additional 5% in Mahindra CIE Automotive Ltd from Mahindra & Mahindra on 29 June 2018 for approx. 60 million Euros, which consequently, after the transaction, increased CIE's stake in the Company to above 56%. On 12th March, 2019, the Board of Directors of the Company acquired 100% outstanding share capital of Aurangabad Electricals Limited (AEL). The said transaction got completed on 9th April, 2019 and as a result, AEL became a wholly-owned subsidiary of the Company effective from that date. The Company acquired CIE Aluminium Casting India Limited (CIEALCAST), making it a wholly owned subsidiary of the Company w.e.f. 9 April, 2019. Bill Forge Private Limited was merged with the Company on 6th September, 2019 through the Scheme of Amalgamation filed with the Registrar of Companies, Mumbai, and made operational effective from 15 November 2019. As a result of merger, the business Undertakings of Bill Forge Private Limited got transferred to and in the Company in FY 2018-19. During the year 2021, the Company incorporated CIE Hosur Limited as wholly owned subsidiary of the Company. During the year 20221-23, a new unit was added at the gears plant in Pune to cater to EV parts while the Rajkot gears plant was expanded during the year. A new forging & machining line was installed by Bill Forge at Bengaluru to cater to EV transmission parts. CIE Hosur commissioned a new fuel rail line, the first time this technology was introduced in India. The crankshaft machining capacity at the forgings plant in Chakan, Pune was augmented and an additional 4000T press was put up to enhance forgings capacity. Two compression moulding presses were added to the Composites unit in Pune to increase capacity to make components from the compounds produced. The new plant being built by the Aluminum vertical at Aurangabad was completed. Many good EV models launched both in 4W and 2W segments in FY 2024.