Rane Holdings Ltd. (RHL) said it had decided to buy out the remaining 51% stake from its joint venture partner NSK Ltd. in Rane NSK Steering Systems Pvt. Ltd. for a total cash consideration of ₹45 crore.
Post-acquisition, the company will become a wholly owned subsidiary of RHL and will be named as Rane Steering Systems Pvt. Ltd. (RSSL), subject to necessary approvals, the Rane group firm said in a statement.
RSSL will continue the existing technology licence and supply agreements with NSK Steering & Control, Inc. The transaction is expected to be completed by September.
“This acquisition further expands our group’s expertise in the steering systems,” said Rane Group Chairman Harish Lakshman.
