Jesus Maria Herrera Barandiaran, the non-executive director of CIE Automotive India, has submitted his resignation effective June 20, coinciding with the company's 25th annual general meeting (AGM).
In a letter addressed to the company's board, Barandiaran expressed his belief in India's significance as a key geography in CIE Group's global ambitions. He commended the team at CIE India for consistently meeting CIE Group's expectations and said he wished to see its continued growth.
Given CIE India's favourable position to sustain its growth in alignment with CIE Group's business model, Barandiaran stated his decision to step down from the board of CIE India.
CIE Automotive India is a major supplier of forgings, aluminium, stampings, castings, magnetic products, composites, and other components to original equipment manufacturers (OEMs) including Mahindra & Mahindra, Bajaj Auto, Hyundai, Kia, Tata Motors, and Ola Electric, deriving approximately 63% of its overall sales from India.