Chennai: Automotive component manufacturer (Madras) Ltd, part of the Rane Ranee Group, has invested 200 in the acquisition of Preisioion Die Casting, USA.

Rane (Madras) Ltd has set up a wholly owned subsidiary, Rane (Madras) International Holdings B V (WOS), in the Netherlands, which has invested USD 2.02 million so far, according to a filing with the BSE.

“The Rane (Madras) International Holdings B V (WOS) has entered into a Share Purchase Agreement with PDC Cooperative Holdings Inc, USA, to acquire 100% of the share capital of Precision Die Casting Inc and to receive an equity investment of US$2 million dollars. ” Add.

In addition, the Company has provided a limited guarantee under a Standby Letter of Credit, (SBLC) for the PDC Term Loan Facility in the amount of US$2,000,000.

Today, the company’s shares closed at Rs. 292.20 per share on the Bombay Stock Exchange, up 7.43%.