ICICI Securities Ltd | Retail Equity Research Mahindra CIE (MCI) today in its board meeting approved the acquisition of Aurangabad Electricals (AEL). AEL is a leading domestic player (established since 1985) involved in manufacturing aluminium die-casting products (body, brake, engine parts) for the auto space with major exposure to the 2W segment (share of sales: 79%) with Bajaj Auto being its key client (share of sales: 77%). MCI will buy-out the entire equity shareholding of AEL by paying | 830 crore in cash from its own balance sheet. It includes a deferred payment of up to | 62 crore. AEL has a long term borrowing of | 88 crore...