(From stock exchange filing on December 12, 2016) Since MFGL and MFIL are wholly-owned overseas subsidiaries of the company, no shares will be issued as consideration for the amalgamation. This amalgamation will help Mahindra CIE to significantly reduce the multiplicity of legal and regulatory compliance requirements, which presently performed by MFGL and MFIL. Mahindra CIE Automotive Ltd informed that its management has approved the amalgamation scheme of wholly-owned overseas subsidiaries, Mahindra Forging Global Limited (MFGL) and Mahindra Forgings International Limited (MIFL), to the parent company. (From a press release on September 12, 2016) This acquisition is scheduled to be completed by the end of October 2016. It manufactures a variety of cold, warm, hot forged and machined components primarily for steering, transmission and wheel-related assemblies. BFPL is a crucial supplier to a number of domestic and global two-wheeler and passenger car OEMs and Tier 1 auto component companies. Founded in 1982, BFPL is a 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. BFPL's complementary product and customer mix leads to a significant diversification in the business portfolio of MCIE India. This acquisition increases MCIE's operations in the high growth Asian markets and reinforces CIE group's / MCIE's position as a leading global forgings player. The Company's Indian arm, Mahindra CIE Automotive Limited (MCIE) has announced the 100 percent acquisition of Bill Forge Private Limited (BFPL) for INR 13,312 million. Its main products are chassis, transmission and engine parts. The company manufactures components using aluminum injection molding and grinding technologies. Grupo Amaya Telleria is based in Ermua (Bizkaia, Spain) and with production through different subsidiaries in Spain (Basque Country and Galicia), Slovakia, Mexico and Brazil. This operation involves an investment by CIE Automotive estimated at EUR 186 million. The Company and Grupo Amaya Telleria have agreed to merge through the signing by the Company of a contract to acquire 100% of the equity of Grupo Amaya Telleria.
The company said it's automotive sector grew up much faster than the overall market and posting widespread margin expansion across all of its operating markets. The company reported it's sales of EUR 3,724.5 million in the fiscal year ended December 31, 2017, an increase of 29.4% from the previous year.
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