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Tuesday, Jun 07, 2005

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Rane Brake Linings to buy Hyd-based component maker

Our Bureau

Chennai , June 6

RANE Brake Linings Ltd plans to acquire Soubhagya Diecast Ltd, a Hyderabad-based manufacturer of aluminium pressure die-cast components mainly for the automotive industry, for Rs 5.85 crore.

According to a communication from Rane Brake Linings to the stock exchanges, the company will acquire 65 per cent of Soubhagya Diecast's paid-up capital from the promoters.

The company hopes to conclude purchase of the shares by early July 2005.

With this, Soubhagya Diecast will become a subsidiary of Rane Brake Linings, which will enable it to exploit the considerable potential to grow in both the domestic and export markets, according to the communication.

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