Rane Holdings Ltd.'s board on Monday approved to acquire the remaining 51% stake in Rane NSK Steering Systems Pvt. from joint venture partner NSK Ltd.
Following this acquisition, Rane NSK Steering will become a wholly-owned subsidiary of Rane Holdings and will be renamed Rane Steering Systems Pvt., according to an exchange filing.
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Rane Steering Systems will continue to maintain its existing technology license and supply agreements with NSK Steering & Control Inc.
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Rane Holdings currently holds 49% of the share capital in RNSS. The board of directors approved the execution of a share purchase agreement to acquire the remaining 51% equity stake in the joint venture company, during their meeting held on July 1, 2024.
The board also approved the execution of a definitive agreement with NSK, Japan, and Rane NSK Steering Systems for the settlement of various claims, including those related to warranties. The settlement amount of Rs 176 crore will be payable by NSK Japan, to RNSS.
Rane Holdings will also provide corporate guarantees or shortfall undertakings in connection with loans from banks or financial institutions to RNSS as needed.
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