M&M to buy 13.5 percent stake in CIE Automotive

MUMBAI (Reuters) - Mahindra & Mahindra Ltd, India's largest sports utility vehicle maker, said on Saturday it had agreed to acquire a 13.5 percent stake in Spain's auto components maker CIE Automotive SA for 94.24 million euros.

The company, part of the $16 billion Mahindra Group that has interests in sectors including information technology and auto components, will pay six euros per share for the CIE stake.

CIE Automotive shares ended at 5.57 euros on Friday.

(Reporting by Sumeet Chatterjee; Editing by Ron Popeski)