Rane Holdings, the public listed holding company of Chennai-based auto component manufacturer Rane Group, has hiked its stake in Bangalore-based SasMos HET Technologies Ltd to 45.24 per cent, as per a stock market disclosure.
The company has acquired an additional 19.24 per cent stake from Netherland-based firm Lumipol International BV, for an undisclosed amount, it said.
Founded in 2008, SasMos HET is engaged in the manufacture of interconnection system and wiring harness for defence and aerospace industry.
This acquisition by Rane Holdings aims to enhance its presence in the defence and aerospace sector. In September 2011, the firm had acquired 26 per cent stake in SasMos HET.
Lumipol International, a part of Lumipol Holding BV, works as suppliers of cable harnesses and control panels. It also holds stake in another Indian firm called Citadel Hardsoft Solutions besides SasMos HET.
Rane Holdings, a part of $500 million Rane Group, was founded in 1929. The company provides composite brake blocks, engines valves, valve guides, tappets, solid and energy absorbing steering columns, intermediate shafts and machined aluminum die cast products, and is also engaged in the distribution of auto components.
Recently private equity firm Blue River Capital exited from its seven-year-old investment in the company.
Shares of Rane Holdings last traded at Rs 589.60 a unit, up 1.13 per cent on the BSE in a flat Mumbai market on Wednesday.
(Edited by Joby Puthuparampil Johnson)
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