Rane (Madras) acquires Precision Die Casting

Company infused $2.02 million for 100% equity stake

Chennai-based auto components maker Rane (Madras) Limited has acquired US-based Precision Die Casting, Inc. USA and infused $2.02 million as equity capital.

The company has executed a share purchase agreement in the United States on February 17 with DPI/PDC Holdings and acquired 100% per cent of PDC's equity.

In an announcement to NSE today, the company said that it has incorporated Rane (Madras) International Holdings B.V, a wholly-owned subsidiary in Netherlands as a private company 

The company has aslo issued a limited guarantee by way of SBLC for $2 million towards the term loans facilities availed by PDC.

Rane (Madras) is part of $511 million Rane Group. The company has two divisions -- steering and linkage products and diecasting products.