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Auto components maker Rane group has merged Rane Diecast Ltd with Rane (Madras) Ltd. The board of directors approved the merger, effective April 1.
The exchange ratio will be one share of Rane (Madras) for every 30 shares of Rane Diecast, said Rane in a release.
The Hyderabad-based Rane Diecast makes precision high pressure aluminium die castings mainly for the export market.
After initial years of losses, the venture turned around last year. The company’s sales were around Rs 65 crore for the year ended March 31.
Rane (Madras), which makes steering and suspension products, clocked sales of Rs 640 crore in 2012-13, with a net profit of Rs 23 crore.
The merger with Rane (Madras) will help Rane Diecast’s business grow at a faster rate, said the release.
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