Click it and Unblock the Notifications
Mahindra Adds Muscle To Auto Components Division; Acquires Bill Forge
Mahindra CIE Automotive (MCAL) is an automotive components supplier is all set to acquire Bill Forge for Rs 1,300 crore. Bill Forge is a Bangalore based auto components and Kedaara Capital which holds 50 percent stake was instrumental in the acquisition.
Bill Forge is led by Anil Haridass who will continue to lead the operations of the company, it will be acquired as a subsidiary of Mahindra CIE. Mahindra Group nor Kedaara Capital did not comment on the acquisition.
During the last fiscal, Bill Forge reportedly had around Rs 650 crore as revenue and the company has six plants and boasts of clients such as Mahindra, Bosch, Bajaj, Fiat, and Honda among others. While Kedaara Capital is a $600 million public equity fund, which was co-founded by Temasek India head Kejriwal along with General Atlantic Partners managing directors Sunish Sharma and Nishant Sharma.
Mahindra CIE is a joint venture between Mahindra Group and CIE of Spain, manufactures and supplies engine, chassis forged components for passenger and commercial vehicles. With the acquisition of Bill Forge, Mahindra Groups is consolidating its auto components division.
Continue with Google