Competition Commission of India (CCI) on Tuesday said that it has approved Rane Holdings’ proposed acquisition of remaining 51 per cent stake from the joint venture partner Japan-based NSK Ltd in Rane NSK Steering Systems Pvt Ltd (RNSS).
“Commission approves the proposed acquisition for the balance 51 percent shareholding by Rane Holdings Limited in Rane NSK Steering Systems Private limited”, said a CCI post in “X”, formerly Twitter.
The consolidation of shareholding in RNSS will cost Rane Holdings about ₹45 crore, payable in cash to NSK for acquiring 91.29 lakh shares of ₹10 each in the company.
Following the acquisition, the company will become a wholly-owned subsidiary of Rane Holdings Ltd and will be renamed Rane Steering Systems Private Ltd (RSSL).
Despite the change in ownership, the company will maintain its existing technology license and supply agreements with NSK Steering & Control, Inc, according to a Rane Holdings statement issued on July 1.
Other decisions
CCI also said that it has approved the acquisition of shareholding in Utkarsh CoreInvest Limited by Citrine Inclusion Limited.
The competition watchdog has also given its nod for additional acquisition of unitholding by 2452991 Ontario Limited in Highway Infrastructure Trust.
In another transaction, CCI has approved the proposed acquisition of 100 percent shareholding of Actis Holdings S.à r.l. by GAP Arthur Holdco, L.P.
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Published on September 3, 2024
https://www.thehindubusinessline.com/companies/cci-greenlights-rane-holdings-51-stake-buy-in-rane-nsk-steering-systems/article68602055.ece
