Rane group enters defence, aerospace sectorSeptember 29th, 2011 - 12:46 am ICT by IANS
Chennai, Sep 28 (IANS) Chennai based auto component group Rane Wednesday announced its diversification into defence and aerospace production as it acquired a 26 percent stake in SasMos Het Technologies for an unspecified sum.
In a statement issued here, the Rs.2,241 crore turnover Rane group said the investment in the Bangalore based SasMos Het Technologies was made by Rane Holdings Ltd which has the option of increasing its stake further.
SasMos Het Technologies manufactures interconnection systems (cable harness), panel boxes and electro-mechanical assemblies for various applications in defence and aerospace.
“We feel there are significant growth opportunities both in India and as an exporter. This entry also opens a new knowledge base for Rane in electronics which will have a synergy with the automotive industry,” said Rane group chairman L. Ganesh.
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