Indian automotive components maker Mahindra CIE Automotive Ltd. has bought aluminium die casting firm Aurangabad Electricals Ltd. (AEL) for 830 crore rupees ($119.3 million).
With the deal, Mahindra CIE, unit of Span's CIE Automotive, will foray into the aluminium die casting space, as well as strengthen its presence in the two-wheeler segment.
Aurangabad Electricals, part of Gruppo Fontana, said the transaction is slated to be completed by April 10.
In 2016, Mahindra CIE also acquired automotive forging company Bill Forge for $191.4 million, to diversify its business and increase revenue and profit from Asian markets.