Rane (Madras) Ltd Company Summary

Rane (Madras) Ltd Summary

Rane (Madras) Ltd was incorporated on March 31, 2004 as a public limited company with the name Rane Holdings Ltd. The name of the company was subsequently changed to Rane (Madras) Manufacturing Ltd with effect from February 22, 2005. In April 2005, the manufacturing undertaking of the erstwhile Rane (Madras) Ltd got demerged and transferred to the Company with effect from July 1, 2004. In terms of the Scheme, the de-merged company was renamed as Rane Holding Ltd and the name of the company was changed from Rane (Madras) Manufacturing Ltd to Rane (Madras) Ltd with effect from May 19, 2005.Rane (Madras) Ltd, a part of the Rane group, is a manufacturer of steering and suspension systems. The company operates under one division, namely components for transportation industry. They manufacture two types of steering gears, namely, circulating ball type steering gears, and rack and pinion type steering gears. The other products include tie rod assemblies, drag link assemblies, center link assemblies and gear shift ball joints. The company is a subsidiary company of Rane Holdings Ltd. The company is having their manufacturing facilities located at Chennai and Kancheepuram in Tamil Nadu, Mysore in Karnataka, Thirubuvanai in Pondicherry and Pantnagar in Uttarakhand. The production facilities in Mysore cater to the tractor and commercial vehicle segment; the Pondicherry plant to the passenger car segment; the plant in Chennai caters to the light commercial vehicle, heavy commercial vehicle and utility vehicle segment; the Kancheepuram plant to the export market and the manufacturing facility in Pantnagar (Uttarakhand) supplies gears exclusively to Tata Motors Ltd.During the year 2005-06, the company increased the production capacity of Steering gear products from 590,300 Nos to 597,500 Nos.During the year 2006-07, the company set up a new plant for manufacture of ball joints in Ambakkam, Varanasi Village, Kancheepuram primarily to cater to the export markets. They commenced commercial production during the year. They also set up a manufacturing facility at Integral Industrial Estate, Pant Nagar, Uttarakhand, for supply of Steering Gears exclusively to Tata Motors Ltd.Rane Holding Ltd made additional investment in the company, and thus the company became a wholly owned subsidiary of the Rane Holdings Ltd with effect from March 26, 2007.The Company started manufacturing mechanical rack & pinion steering gear for EPS in 2008. In 2015-16, the Company acquired Precision Die Casting Inc. (PDC) in USA, engaged in the business of manufacturing high pressure aluminium die casting for automotive applications like steering and compressor related die casting components. The entire shareholding in PDC, was acquired from its existing owners at a cost of USD 1. This investment was held by Rane (Madras) International Holdings, B.V, The Netherlands, a Wholly Owned Subsidiary of the Company (RMIH), incorporated during the year to hold strategic overseas investments of the Company. The WOS invested USD 2 million into the equity capital of PDC and the name of PDC was changed to Rane Precision Die Casting Inc., (RPDC) with effect from March 24, 2016.In 2021-22, the Company acquired the Steering Components Business (SCB) of M/s. Yagachi Technologies Private Limited (YTPL), for a cash consideration of Rs 25 Crores. The new plant at Maraimalai Nagar acquired from M/s. Yagachi Technologies Private Limited was made operational in 2023.