Mahindra Group ties up with Spain?s CIE Automotive

The Mahindra Group has entered into a global alliance with Spain?s CIE Automotive S.A. The alliance will be between Systech Sector, Mahindra group?s automotive component company and the Spanish company. This will see the setting up of an automotive component group with a global presence. The new company will be known as Mahindra CIE. The expected areas of operation will include South America, North America, Asia, Europe. Mahindra and Mahindra will own a stake of 13.5 percent in CIE Automotive, making it the second biggest shareholder in CIE. Two directors from M&M will be nominated to join the CIE board.