Rane Group''s statement to the stock exchanges on 20 August 2007
21 August 2007
Rane Holdings Ltd has informed BSE that Rane Group on August 20, 2007 has announced plans for consolidation of shareholding following an analysis of the Company's structure.
Speaking on the occasion, Mr. L Ganesh, Chairman, Rane Group, said "This restructuring exercise will facilitate value creation for the shareholders and will be an important milestone in the annals of the Company. This restructuring exercise will unleash tremendous opportunities for growth and leadership by providing possibilities for enhancement of technological prowess and avenues for greater collaboration".
The Rane Group based in Chennai is engaged in the business of auto components with a group sales of Rs 1400 crores during the year ended March 31, 2007. The Companies in the group are:
- Rane Holdings Ltd (RHL)
- Rane (Madras) Ltd (RML)
- Rane Brake Linings Ltd (RBL)
- Rane Engine Valves Ltd (REVL)
- Kar Mobiles Ltd (KML)
Joint Venture Companies (50:50):
- Rane TRW Steering Systems Ltd (RTSSL) with TRW, USA
- Rane NSK Steering Systems Ltd (RNSSL) with NSK, Japan