The Economic Times
Auto component maker Rane Group to merge two group entities
Edited by : AL CIRCLE
2 min read
Auto component maker Rane Group on Friday said its arm Rane Diecast Ltd (RDL) will be merged with another group firm Rane (Madras) Ltd (RML) with retrospective effect from April 1, 2013.
"The board of directors of both the companies approved the merger in their respective meetings held today," Rane Group said in a statement.
The exchange ratio will be one share of RML for every 30 shares of RDL. The merger is subject to regulatory, legal and other statutory approvals as may be required, it added.
RDL is based in Hyderabad and manufactures precision high pressure aluminium die castings mainly for export. It had a sales of INR 65 crore for the year ended March 31 2013 with an employee strength of 118.
On the other hand, RML is a leading supplier of steering and suspension products in India. It had sales of INR 640 crore in 2012-13.
"The merger with RML will help RDL's business grow at a faster rate leveraging the customer base of RML besides benefiting from other synergies in combining the operations of the two companies," the group said.
The Rane Group comprises seven companies manufacturing safety and critical components for a broad range of automotive industry segments. In fiscal 2012-13 it posted revenues of INR 2,923 crore.
"The board of directors of both the companies approved the merger in their respective meetings held today," Rane Group said in a statement.
The exchange ratio will be one share of RML for every 30 shares of RDL. The merger is subject to regulatory, legal and other statutory approvals as may be required, it added.
RDL is based in Hyderabad and manufactures precision high pressure aluminium die castings mainly for export. It had a sales of INR 65 crore for the year ended March 31 2013 with an employee strength of 118.
On the other hand, RML is a leading supplier of steering and suspension products in India. It had sales of INR 640 crore in 2012-13.
"The merger with RML will help RDL's business grow at a faster rate leveraging the customer base of RML besides benefiting from other synergies in combining the operations of the two companies," the group said.
The Rane Group comprises seven companies manufacturing safety and critical components for a broad range of automotive industry segments. In fiscal 2012-13 it posted revenues of INR 2,923 crore.
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