Rane Holdings Ltd (RHL) has completed the purchase of the remaining 51 per cent equity stake in Rane NSK Steering Systems Pvt Ltd from its joint venture partner, NSK Ltd of Japan.
With this acquisition, Rane NSK Steering Systems Pvt Ltd becomes a wholly owned subsidiary of Rane Holdings and will be renamed Rane Steering Systems Pvt Ltd, according to its filing with the stock exchanges.
Earlier this year, Rane Holdings had indicated that, despite the change in ownership, it would continue to maintain the existing technology license and supply agreements with NSK Steering & Control, Inc.
On the BSE, Rane Holdings’ shares fell 2.6 per cent, closing at ₹2075.65 per share on Thursday.