Rane Madras Limited to form subsidiary in Mexico

The Investment Committee of the Board of Directors of Rane (Madras) Limited at its meeting held on September 28, 2023, has approved setting up of a Wholly Owned Subsidiary in Mexico viz., M/s. Rane Automotive Components Mexico S de R.L. de C.V. (RACM).

RACM will establish a greenfield manufacturing facility to manufacture steering and linkage auto components catering to customers in Mexico and North American Region.

The investment will be under the Automatic Route of Foreign Exchange Management Regulations (FEMA) and subject to necessary regulatory approvals in Mexico (if any).

Shares of Rane (Madras) Limited was last trading in BSE at Rs. 859.60 as compared to the previous close of Rs. 852.20. The total number of shares traded during the day was 3115 in over 352 trades.

The stock hit an intraday high of Rs. 870.00 and intraday low of 853.00. The net turnover during the day was Rs. 2689082.00.

Source : Equity Bulls

Keywords

RaneMadras INE050H01012 Subsidiary Mexico