Mahindra CIE Automotive has received approval to transfer 100% shares held in Mahindra Forgings Europe AG (MFE), one of the wholly-owned subsidiary to CIE Galfor S.A. (Galfor), another wholly-owned subsidiary. The company will continue to control 100% shares in MFE through Galfor and hence on consolidated basis there is no material effect of the said transaction.
The Board of Directors of the company at its meeting held on September 25, 2018 has approved the same.
Mahindra CIE Automotive is a multi-technology automotive components supplier listed on the stock exchanges in Mumbai.
