Auto components manufacturer Rane Group has acquired 26 per cent in Bangalore-based defence firm SasMos HET Technologies Pvt Ltd for an undisclosed sum, the company has said in a statement on Wednesday.
SasMos HET Technologies is engaged in manufacturing interconnection systems (cable harnesses) for various applications in the defence and aerospace industries.
Rane Group has been exploring opportunities to go beyond its current presence in automotive industry and has been scouting opportunities. It has identified the defence and aerospace industry as part of its strategy, the company has said on the acquisition.
"Today is a momentous step forward as Rane ventures into this new area. 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," Ganesh, chairman of the Rane Group, commented on the acquisition.
SasMos HET Technologies is a Bangalore-based leading manufacturer, focusing on cable assemblies, wiring harness, panel boxes, and electro-mechanical assemblies used in the aerospace and defence industry. It is an eligible 'offset partner' for supplies to the Indian defence sector and also supplies interconnection systems (cable harnesses) to both domestic and overseas customers.
The company has significant plans to scale up and is expected to generate about Rs 120 crore in revenue in the next five years.