Auto Component Maker Rane Holdings Acquires 51% Stake In A JV With NSK

The Board of Directors of Rane Holdings (RHL) have approved the acquisition of 51 per cent stake from the joint venture partner NSK in Rane NSK Steering Systems. Post-acquisition, the company will become a wholly-owned subsidiary of RHL and named as Rane Steering Systems (RSSL), subject to necessary approvals.

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

Commenting on the acquisition, 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.”