Auto components maker ZF Rane Automotive India Pvt Ltd, on Friday, announced the acquisition of steering wheels manufacturer TRW Sun Steering Wheels Pvt Ltd for an undisclosed sum. Gurugram-headquartered TRW Sun Steering Wheels (TSSW) is a JV between the Sun Group and ZF Group globally.
It manufactures various types of steering wheels for the Indian market and supplies to a diverse set of passenger vehicle customers from its manufacturing plants in Gurugram and Pune, ZF Rane Automotive India said in a statement. The acquisition places ZF Rane Automotive India in a strong position to provide comprehensive solutions covering occupant safety and system integration services to domestic customers, it added.
ZF Rane Automotive India is a joint venture between ZF Group in India and Rane Group. “This acquisition will seamlessly integrate and enable ZF Rane Automotive India to deliver exceptional value to existing and new customers with enhanced capabilities. With TSSW’s extensive presence in west and north India, this acquisition will strategically strengthen our position to serve the customers,” Rane Group Vice Chairman and Managing Director, ZF Rane Automotive India Harish Lakshman said.
ZF Group India President Akash Passey said the acquisition “consolidates our leadership in the domestic market, building on the technological competence of the ZF Group with the manufacturing prowess of the Rane Group.” “Now with the TSSW acquisition, we will be able to support more customers, across the region with a comprehensive portfolio,” he added.
Sources Of Information: Moneycontrol
