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Mahindra CIE Automotive Ltd.

BSE: 532756 Sector: Engineering
NSE: MAHINDCIE ISIN Code: INE536H01010
BSE LIVE 15:50 | 18 Dec 242.90 5.00
(2.10%)
OPEN

238.00

HIGH

245.00

LOW

233.00

NSE 15:29 | 18 Dec 242.50 3.55
(1.49%)
OPEN

238.00

HIGH

245.70

LOW

228.00

OPEN 238.00
PREVIOUS CLOSE 237.90
VOLUME 24616
52-Week high 266.50
52-Week low 174.45
P/E 140.40
Mkt Cap.(Rs cr) 9,191
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 238.00
CLOSE 237.90
VOLUME 24616
52-Week high 266.50
52-Week low 174.45
P/E 140.40
Mkt Cap.(Rs cr) 9,191
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mahindra CIE Automotive Ltd. (MAHINDCIE) - Chairman Speech

Company chairman speech

Dear Shareholders

In June 2013 we had announced a strategic alliance between Mahindra & MahindraLimited India (M&M) and CIE Automotive S.A. Spain (CIE). The Mahindra - CIE Alliancehas been effected on 10 December 2014 after all the regulatory steps required have beenfulfilled with relevant papers being filed with the Registrar of Companies in India. Underthis alliance CIE has taken a majority position in M&M’s auto componentcompanies in Europe and India which were part of the erstwhile Systech sector of M&M.These companies were merged in or became subsidiaries of Mahindra CIE as part of thisalliance. M&M has in turn acquired a significant stake in CIE and has become itssecond largest shareholder.

Both M&M and CIE have communicated that the respective stakes in each other’sbusiness are less important than the vision of what can be collectively achieved whilestaying true to the values that have brought both so far. There is an identity of sharedvalues between CIE and Mahindra around their people and their leadership which continuesto engender mutual trust.

The markets have rewarded this bold step with more than doubling of the CIE share priceand a near quintupling of the Mahindra CIE share price since the deal was announced. Theincrease of market cap to 1.8bn and $1.3bn respectively is only one measure of thestrategic importance of this alliance.

We are presenting the financial results of Mahindra CIE as a consolidated entity inthis annual report. It is a satisfying moment for all of us. It is especially so formembers of the Mahindra CIE team whose perseverance in getting such a complex allianceoperationalised is praiseworthy.

This financial year has seen Mahindra CIE make steady progress. We have managed toturnaround the European operations with the help of the CIE team bringing in more focusand their trademark rigor to the process. The Indian operations which are suffering from aslowing market have concentrated on maintaining profitability.

Mahindra CIE has defined a two phased strategy. In the first phase financialconsolidation takes priority while the second will focus on growth both organic andinorganic. The financial consolidation is on track and we have started to embark on ourgrowth plans.

Thank you for the trust reposed in us and for being invested in Mahindra CIE. Yourssincerely

Hemant Luthra

Chairman Mahindra CIE