Wednesday, 28 September 2011

Rane Group enters Defence sector with 26% stake buy in SasMos

Auto Component manufacturer Rane Group enters Defence and Aerospace sector. The group company’s holding company Rane Holdings acquired 26 percent stake in Bangalore based SasMos HET technologies. SasMos manufactures interconnection cables for defence and aerospace sector. The current turnover of SasMos is 12 Crore and it plans to grow ten folds to 120 crores in next five years.
A senior member of Auto Component company, rane Holdings says, “This was a part of company’s growth strategy”. When asked to give details, he says the company plans to expand its presence in non automotive sector also.
This could also mean that the Auto component manufacturing companies have started feeling the heat of slowdown and hence are open to divesting to other options. The financial details of the acquisition were not revealed. Rane has the option to increase its stake in SasMos. SasMos is an ‘offset partner’ for supplies to the Indian Defence sector; it also supplies interconnection systems (cable harnesses) to both domestic and overseas customers


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