Rane Madras Ltd acquires Steering Components Business of Hical Group

Rane (Madras) Limited (NSE: RML; BSE Code: 532661), a leading manufacturer of steering and suspension products and light metal casting components announced that the Board of Directors of the company has today, approved the acquisition of the Steering Components Business (SCB) of Yagachi Technologies Private Limited (YTPL), a part of Hical Group.

SCB manufactures steering and suspension components such as Inner Ball Joints (IBJ) and Outer Ball Joints (OBJ). The division's major customers include Mando India, who in turn serve OEMs such as Hyundai, Kia, Mahindra, etc. SCB has a technical collaboration with a leading South Korean ball joint company. SCB's revenue was Rs. 35.5 Crores for FY21.

"The acquisition of Steering Components Business of Yagachi will enhance RML's leadership position and share in the domestic passenger vehicle market and provide opportunity to enter export vehicle platforms to new geographies." said Harish Lakshman, Vice Chairman, Rane Group.

Shares of Rane (Madras) Limited was last trading in BSE at Rs. 414.05 as compared to the previous close of Rs. 409.95. The total number of shares traded during the day was 4144 in over 353 trades.

The stock hit an intraday high of Rs. 419.10 and intraday low of 410.05. The net turnover during the day was Rs. 1720002.00.

Source : Equity Bulls

Keywords

RaneMadras INE050H01012 RML AutoParts Acquisition SteeringBusiness HicalGroup