Mahindra CIE Automotive Ltd has acquired Aurangabad Electricals Ltd for ₹830 crore. Marking its entry into the aluminium die-casting industry. The acquisition will also strengthen its presence in the two-wheeler market. The transaction is expected to be completed by 10 April.
Aluminium die-casting is used to make smooth, defined metal parts by forcing molten metal under high pressure into a mould.
Aurangabad Electricals, founded in 1985, has five manufacturing facilities located across Aurangabad, Pune and Pantnagar in Maharashtra. It produces a range of body, brake and engine parts and supplies them to local and international two-wheeler and passenger vehicle companies and Tier-I auto component makers.
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