M&A

M&A

Rane (Madras) to sell loss-making US unit for $5.6 M

BSE Announcement  

Publicly listed Rane (Madras) Ltd is selling its unit Rane Light Metal Casting Inc, USA (LMCA) for about USD 5.6 million to Russellville, KY (USA)-based Kentucky Industrial Holdings, Inc (KIH). While USD 2 million is payable upfront (upon deal closing), the balance will be paid in a deferred manner. LMCA manufactures high-pressure aluminium die casting for automotive and non-automotive applications. In FY23, it reported a turnover of INR 232 crore and accounted for 9.78% of the consolidated turnover of Rane (Madras). LMCA's net worth was INR 32.3 crore.