Rane Holdings to acquire full ownership of Rane NSK Steering Systems
Rane Holdings announces acquisition of 51% stake in Rane NSK Steering Systems for 450 million Indian rupees, making it a wholly owned subsidiary
The board of directors of India-based automotive supplier Rane Holdings has approved the company’s decision to acquire the remaining 51% stake in Rane NSK Steering Systems from its Japanese partner NSK for 450 million Indian rupees ($5.4 million), Autocar Professional reported July 1. This acquisition will make Rane NSK Steering Systems a wholly owned subsidiary of Rane Holdings, subsequently leading to its renaming as Rane Steering Systems. The completion of this acquisition is anticipated by the end of September, pending requisite regulatory approvals and customary closing conditions.
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