ZF, a leading technology solutions company, has acquired a majority stake in the joint venture (JV) between TRW steering systems and automotive component manufacturer Rane Group. It will operate under 'ZF Rane Automotive India' in the future.
ZF now holds a 51 per cent stake in the JV, which employs around 3400 people, the company said in a statement.
Dr Holger Klein, Member of the Board of Management (BOM), ZF Group, said, "India is a very important market for ZF, and we want to grow sustainably here. By acquiring a majority stake from our long-standing partner Rane, we aim to further expand both our passenger car and commercial vehicle business for our customers in the India region."
The JV, founded in 1987, manufactures steering gears, airbags and seat belt systems for commercial vehicles at five locations across India. The ZF Group became a shareholder in the JV after its acquisition of TRW in 2015. It also manufactures chassis, powertrains and safety devices for the light vehicle industry.
Suresh KV, President, ZF India, said, "The complementary nature of the partners has been the hallmark of this JV which has resulted in the organisation performing consistently over the years. Supporting the Indian customer base with ZF engineering and technology along with the customer connect and operations excellence of Rane will continue to be the goal of this JV in future." (MT)