Rane Holdings Limited announces acquisition of 51% stake in the joint venture with NSK

The Board of Directors of Rane Holdings Limited (RHL) have approved the acquisition of 51% stake from the joint venture partner NSK Limited in Rane NSK Steering Systems Private Limited. Post-acquisition, the company will become a Wholly-Owned Subsidiary of RHL and named as Rane Steering Systems Private Limited (RSSL), subject to necessary approvals.

RSSL will continue the existing technology license and supply agreements with NSK Steering & Control, Inc.

Commenting on the acquisition, Mr. Harish Lakshman, Chairman of Rane Group said, "We deeply value the relationship with NSK over the past two and half decades which helped us to create a strong position in the Indian automotive steering market. This acquisition further expands our group's expertise in the steering systems."

Shares of Rane Holdings Limited was last trading in BSE at Rs. 1338.15 as compared to the previous close of Rs. 1332.45. The total number of shares traded during the day was 1410 in over 365 trades.

The stock hit an intraday high of Rs. 1387.05 and intraday low of 1332.00. The net turnover during the day was Rs. 1910872.00.

Source : Equity Bulls

Keywords

RaneHoldings INE384A01010 StakeAcquisition JVPartner NSK RaneNSKSteeringSystems