In October 2007, Mahindra & Mahindra joined hands with True North to acquire DGP Hinoday, then a JV between Hitachi and DGP Group. The company had been a leading name in the manufacture of ferrites for over four decades and had become a well-established player in ductile iron castings for just over a decade.
At the time of acquisition, DGP Hinoday had one of the best SG iron foundries in India with an excellent management team and offered a wide range of products in each of the three businesses encompassing ductile iron castings, ceramic magnets, and ferrite cores.
True North helped M & M, a reputed and fast-growing automotive major, in formulating future growth plans after evaluation of several inorganic growth opportunities. Mahindra-Hinoday Castings soon completed the first phase of capacity expansion at its strategically located plant in the auto hub of Pune, thus making it the largest independent ductile iron foundry in India with an annual capacity of 40,000 MT/yr.
In 2014, the Mahindra Group moved ahead with merging all their auto-component companies including Mahindra-Hinoday Castings into listed Mahindra CIE (formed as a result of the majority stake acquisition by CIE Automotive SA of Spain), and subsequently True North divested its entire stake in the listed entity in early 2015.
CEO :- Hemant Luthra