Mahindra Said to Be Nearing Agreement to Buy Stake in Cie Auto
Mahindra & Mahindra Ltd. (MM), India’s most acquisitive manufacturer, is close to an agreement to buy a stake in Spanish auto-parts maker Cie Automotive SA (CIE), according to three people familiar with the matter.
A deal may be announced today, two of the people said, asking not to be identified because the talks are private. Chairman Anand Mahindra is scheduled to brief reporters at 4 p.m. in Mumbai following a board meeting of the company’s component businesses, known internally as Systech, according to a press invitation.
An agreement would result in Mahindra & Mahindra’s 36th stock purchase in the past decade, more than any Indian manufacturer, based on data compiled by Bloomberg, and the company has bid on assets ranging from luxury sports-car maker Aston Martin to aircraft producer Hawker Beechcraft Inc. Aside from being India’s largest SUV maker, Mahindra & Mahindra has businesses ranging from financial services to holiday resorts.
Mahindra spokeswoman Roma Balwani declined to comment beyond saying that the boards of Mahindra’s Systech companies will meet tomorrow. Gonzalo Garrido, a spokesman for Cie, declined to comment.
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