Companies

Rane Madras acquires steering parts business of Hical Group

Our Bureau Chennai | Updated on October 13, 2021

Harish Lakshman, Vice-Chairman   -  Businessline

Rane (Madras) Ltd, a leading manufacturer of steering and suspension products and light metal casting components, has acquired steering components business (SCB) of Yagachi Technologies Private Ltd (YTPL), a part of Hical Group, for an undisclosed sum.

The company said its board on Wednesday approved the acquisition, according to a company statement.

SCB posted a revenue of ₹35.50 crore in FY21. It manufactures steering and suspension components such as inner ball joints (IBJ) and outer ball joints (OBJ). The division’s major customers include Mando India, which in turn serve OEMs such as Hyundai, Kia, Mahindra, etc.

SCB has a technical collaboration with a leading South Korean ball joint company.

“The acquisition of the steering components business of Yagachi will enhance RML’s leadership position and share in the domestic passenger vehicle market and provide an opportunity to enter export vehicle platforms in new geographies,” said Harish Lakshman, Vice-Chairman, Rane Group.

Published on October 13, 2021

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