Rane Holdings to buy remaining 51% stake in steering system JV from partner
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By Jim Gibbins - 17th September 2024
India – Rane Holdings Ltd of Chennai has approved a proposal to acquire the remaining 51% stake in its steering column business joint venture Rane NSK Steering Systems Pvt Ltd1, from Japan’s NSK Ltd for USD5.4mn (INR45 cr).
On conclusion of the purchase, the company will become a wholly owned subsidiary of RHL and will be re-named Rane Steering Systems Pvt. Ltd (RSSL). RSSL is to continue the existing technology licence and supply agreements with NSK’s subsidiary, NSK Steering & Control Inc. The transaction is subject to necessary approvals. The transaction is expected to be completed by September 2024.
