Page 18 - Acquisition

Rane (Madras) acquires Precision Die Casting

Rane (Madras) Limited has acquired Precision Die Casting, Inc. USA (PDC). The Chennai-based auto components maker said it made $2 million as equity capital into the company. The company has executed a share purchase agreement in the United States on February 17 with DPI/PDC Holdings and acquired 100 per cent of the equity capital of PDC.In an announcement to NSE today, the company said that it has incorporated a Wholly Owned Subsidiary in Netherlands as a private company Rane (Madras) International Holdings B.V.The company has till date infused $2.02 million into the equity capital of PDC on February 17, 2016 and the company has aslo issued a limited guarantee by way of SBLC for $2 million towards the term loans facilities availed by PDC.Rane (Madras) is part of $511 million Rane Group. The company has two divisions including steering and Linkage Products Division and Diecasting Products Division.Rane Group of companies manufacuter components for passenger Cars, Multi Utility ...