Rane Holdings Ltd announced that it will buy the remaining 51% stake in its joint venture, Rane NSK Steering Systems Pvt Ltd, from Japan’s NSK Ltd for Rs 45 crore. This will make Rane NSK Steering Systems a fully owned subsidiary of Rane Holdings and it will be renamed Rane Steering Systems Pvt Ltd.
Following the announcement, Rane Holdings’ share price surged 20% on the National Stock Exchange, reaching a 52-week high of Rs 1,605 per share. The joint venture, started in 1995, makes steering columns for vehicles and has four manufacturing plants in Chennai, Uttarakhand, Haryana, and Gujarat. It earned Rs 1,718.7 crore in the financial year 2024, up 14% from the previous year.
Rane Group Chairman Harish Lakshman said the acquisition will strengthen the group’s expertise in steering systems. The company will maintain its technology and supply agreements with NSK Steering & Control Inc. The acquisition is expected to be completed by the end of September, subject to regulatory approvals.
Rane Group is a well-known auto component maker in India, and NSK is a Tokyo-based company that makes precision components for the automotive industry. Headquartered in Chennai, India, Rane Group has been manufacturing auto components for more than five decades. Rane Group is a trusted supplier to major Original Equipment Manufacturers (OEMs) in India and abroad.