Rane Holdings Ltd. has received approval from the Competition Commission of India for buying the remaining 51% stake in Rane NSK Steering Systems Pvt. from joint venture partner NSK Ltd. of Japan.
The CCI had approved the acquisition through a letter to the firm dated Sept. 3, 2024, and has communicated that it has, at its meeting held on an even date, considered and approved the proposed combination, according to an exchange filing.
After acquisition, the company is set to become a wholly-owned subsidiary of RHL and was proposed to be named as Rane Steering Systems Pvt., subject to necessary approvals, the company said in the filing.
RSSL said it will continue the existing technology license and supply agreements with NSK Steering & Control, Inc.
"We deeply value the relationship with NSK over the past two and a 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.” Harish Lakshman, chairman of Rane Group, said.
Shares of Rane Holdings closed 2.26% higher at Rs 2,069.00 apiece on the BSE, compared to a 0.25% decline in the BSE Sensex.
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