Corporate News     19-Feb-16
Rane (Madras) incorporates wholly owned subsidiary in Netherlands
Annouces acquisition of Precision Die Casting Inc. (USA)
Rane (Madras) announced the incorporation of a wholly owned subsidiary in Netherlands under the name of Rane (Madras) International Holding B.V. (WOS). The Company has till date infused USD 2.02 million into the WOS through a combination of equity and loan.

The WOS has executed a share purchase agreement in the United States on 17 February 2016 with DCI/ PDC Holdings Inc. (seller) and acquired 100% of the equity share capital of Precision Die Casting Inc. (USA) and made an investment of USD 2 million in to the equity of PDC on 17 February 2016.

The Company has also issued a limited guarantee by way of a SBLC for USD 2 million towards the term loan facilities availed by PDC.

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