Mahindra CIE and Amtek Auto gear up on hope of strategic deal
DSIJ Intelligence / 04 Oct 2016
Mahindra CIE is in race to buy out Amtek Auto’s German assets. The share price of Mahindra CIE has increased by 7.18 per cent on bourses in early trades; and is trading at Rs 203.4 on an intraday basis.
Mahindra CIE is in race to buy out Amtek Auto’s German assets. The share price of Mahindra CIE has increased by 7.18 per cent on bourses in early trades; and is trading at Rs 203.4 on an intraday basis. Meanwhile, Amtek Auto’s share price has surged by 11.28 per cent on bourses in early trades; and is trading at Rs 48.45 on an intraday basis.
Amtek Auto has debt of Rs 15000 crore, and is trying to cut down its debt. Amtek Auto is looking to carve out its assets to pare its leverage conditions to improve profitability in future. The company is talking to other automotive players to cut the deal. It expects to close the sale of German subsidiary, Neumayer Tekfor by end of October.
During September 2016, Mahindra CIE acquired Bengaluru based Bill Forge for Rs 1331 crore. It is a forgings & machining company with diversified and complementary products & customer mix. Bill Forge is now its wholly owned subsidiary.
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