New Delhi, May 14 -- Mahindra and Mahindra Ltd (M&M) has sold its entire stake in Spanish auto component maker CIE Automotive SA for €126 million, accelerating its strategy to exit non-core investments and fund fast-growing businesses such as automobiles, tractors and aerospace.

In an exchange filing on 14 May, the company said that it has fully exited CIE Automotive SA through a share sale representing a 3.58% stake in the Spanish company. The full exit comes six months after it announced that it had sold 3.58% stake for €119 million in a bid to wind down its presence in the business.

"As a result, the holding of MOICML (Mahindra Overseas Investment Company (Mauritius) Limited) in CIE Automotive S.A. would become Nil and it...