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Rane (Madras) Ltd. — Capital/Financing Update 2021
Oct 11, 2021
59248_rns_2021-10-11_24fb7cca-f97d-4fee-b639-44f907cd04d2.pdf
Capital/Financing Update
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Registered Office Tel: 91 44 2811 2472 “Maithri” URL:www.ranegroup.com 132, Cathedral Road, Chennai 600 086, India. CIN: L65993TN2004PLC052856
Rane (Madras) Limited
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//Online Submission//
RML/SE/35/2021-22
October 11, 2021
BSE Limited National Stock Exchange of India Ltd. Listing Centre NEAPS Code No. 532661 Code : RML
Dear Sir / Madam,
Sub: Press release – Rane (Madras) Limited acquires steering components business of Hical Group
This is to inform that the Board of Directors of the Company, had at their meeting held on October 11, 2021, inter-alia, approved the acquisition of Steering and Components Division (SCD) of M /s. Yagachi Technologies Private Limited, a Hical group company. A press release on the acquisition is enclosed as Annexure A.
We request you to take the above on record under the aforementioned regulations of SEBI LODR and acknowledge receipt.
Thanking you,
Yours faithfully,
For Rane (Madras) Limited
SIGN SUBHA Digitally signed by SUBHA SHREE SHREE SRIDHARAN SRIDHARAN Date: 2021.10.11 20:01:09 +05'30' S Subha Shree Secretary
Encl: a/a.
Annexure A
Chennai, India, October 11, 2021 – Rane (Madras) Limited (NSE: RML; BSE Code: 532661), a leading manufacturer of steering and suspension products and light metal casting components announced that the Board of Directors of the company has today, approved the acquisition of the Steering Components Business (SCB) of Yagachi Technologies Private Limited (YTPL), a part of Hical Group.
SCB manufactures steering and suspension components such as Inner Ball Joints (IBJ) and Outer Ball Joints (OBJ). The division’s major customers include Mando India, who in turn serve OEMs such as Hyundai, Kia, Mahindra, etc. SCB has a technical collaboration with a leading South Korean ball joint company. SCB’s revenue was Rs. 35.5 Crores for FY21.
“The acquisition of Steering Components Business of Yagachi will enhance RML’s leadership position and share in the domestic passenger vehicle market and provide opportunity to enter export vehicle platforms to new geographies.” said Harish Lakshman, Vice Chairman, Rane Group.
About Rane (Madras) Limited
Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). SLD manufactures mechanical steering gears, hydrostatic steering systems and steering and suspension linkage products. LMCI manufactures low porosity, high-quality light metal casting such as steering housings and engine case covers. Through its overseas subsidiary Rane Light Metal Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.
About Rane Group
Headquartered in Chennai, India, Rane Group is engaged primarily in manufacturing auto components for well over five decades. Rane Group is a preferred supplier to major OEMs
in India and abroad. Through its group companies, it provides Steering and Suspension systems, Friction materials, Valve train components, Occupant safety systems, Light Metal casting components and Connected mobility solutions. Its products serve a variety of industry segments including Passenger Vehicles, Commercial Vehicles, Farm Tractors, Twowheelers, Three-wheelers, Railways and Stationery Engines.
If you have any questions or require further information
Please feel free to contact: [email protected] or Diwakar Pingle: [email protected]
Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.