Rane (Madras) Limited announced that the Investment Committee of the Board of Directors of the Company at its meeting held on September 28, 2023, has approved setting up of a Wholly Owned Subsidiary in Mexico viz., M/s. Rane Automotive Components Mexico S de R.L. de C.V. (RACM). RACM will establish a greenfield manufacturing facility to manufacture steering and linkage auto components catering to customers in Mexico and North American Region. Name of the target entity, details in brief such as size, turnover: M/s. Rane Automotive Components Mexico S de R.L. de C.V. (RACM), Fixed capital: MXN 10,000, Turnover: NIL (Yet to commence business operations); RACM would be a 100% /Wholly Owned Subsidiary of the Company engaged in similar line of business domain as that of the Company.

Investment will be under the Automatic Route of Foreign Exchange Management Regulations (FEMA) and subject to necessary regulatory approvals in Mexico (if any); Indicative time period for completion of the acquisition: On or before November 30, 2023; Business: Automotive Components; Date of Incorporation: July 20, 2023. Turnover for last three years: Not applicable; Country of Presence: United Mexican States; Significant Information: Yet to commence business operations.