ZF India owns a majority stake in Rane Group JV

ZF India has become the majority shareholder in Rane TRW Steering Systems. It now holds a 51 per cent stake in the Joint Venture (JV). Up until now, both partners held equal shares in the company. In the future, the JV will operate on the market under the name ‘ZF Rane Automotive India’. The renaming is said to reflect an enhanced cooperation between the partners. India being an important market for ZF, Dr Holger Klein, Member of the Board of Management, ZF Group said, “By acquiring a majority stake from our long-standing partner Rane, we aim to further expand both our passenger car and commercial vehicle businesses for our customers in the Indian region.” Under the JV, the partners expect to offer newer technologies, expedite new product introductions, and localisation. Rane Group is a strategic partner that will aid ZF to leverage competence, in line with the ‘Refresh India’ strategy. Harish Lakshman, Vice Chairman, Rane Group & Managing Director, Rane TRW Steering Systems Pvt. Ltd. cited the one per cent transfer to ZF as a major step in taking the relationship to the next level. Suresh KV, President, ZF India Pvt. Ltd. stated, “The complementary nature of the partners has been the hallmark of this JV which has resulted in the organisation performing consistently over the years. Support for the Indian customer base with ZF engineering and technology along with the customer connect and operations excellence of Rane will continue to define future goals.”