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Rane Group completes consolidation
Special Correspondent
CHENNAI: The Rane Group has announced that it has completed the consolidation exercise after carrying out statutory formalities in the wake of the approval given by the Madras High Court on December 20, 2007, for the scheme of merger, de-merger and amalgamation among Rane Engine Valves Ltd., Rane Brake Linings Ltd. and Rane Holdings Ltd.
The scheme had envisaged the de-merger of manufacturing activities of Rane Engine Valves Ltd. (REVL) into Rane Engine Valve Ltd. and Rane Brake Linings Ltd. (RBL) into Rane Brake Lining Ltd. The scheme also envisaged the merger of residuary business of REVL and RBL, which consist of investments in Rane companies and some immovable properties, into Rane Holdings Ltd.
With the decks cleared, the scheme, implemented with retrospective effect from April 1, 2007, has become operational from February 6, 2008.
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