Rane Holdings Limited (BSE:505800) agreed to acquire remaining 51% stake in Rane NSK Steering Systems Ltd. from NSK Ltd. (TSE:6471) for INR 450 million on July 1, 2024. A cash consideration of INR 450 million will be paid by Rane Holdings Limited. As part of the deal, Rane Holdings Limited will acquire 9.13 million shares of Rane NSK Steering Systems Ltd. Upon completion, Rane Holdings Limited will own 100% stake in Rane NSK Steering Systems Ltd. Post this transaction, Rane NSK Steering Systems Ltd. will be named as Rane Steering Systems Private Limited.

For the period ending March 31, 2024, Rane NSK Steering Systems Ltd. reported total revenue of INR 17.19 billion. The transaction is subject to approval by regulatory board. The deal has been approved by the Board of Directors of Rane Holdings Limited (BSE:505800).

The completion of the transaction will take place on or before September 30, 2024.