ZF Rane Automotive India Pvt. Ltd., a joint venture between ZF Group in India and the Rane Group, has acquired a 100% stake of TRW Sun Steering Wheels Pvt. Ltd. (TSSW) for an undisclosed sum.
With the acquisition of the Gurugam-based domestic steering wheels and occupant safety manufacturer, this joint venture is now more strongly committed to growth in the western and northern region, said the hydraulic steering gear system, seat belts and airbags manufacturer for the automobile sector in a statement.
TSSW is a joint venture between the Sun Group and ZF Group globally and has been in the business of designing, developing, and manufacturing steering wheels since 1994. TSSW supplies steering wheels to a diverse set of passenger vehicle customers from its manufacturing plants in Gurugram and Pune.
“This acquisition will seamlessly integrate and enable ZF Rane Automotive India to deliver exceptional value to existing and new customers with enhanced capabilities,” said Rane Group Vice Chairman and ZF Rane Automotive India MD Harish Lakshman.
“The acquisition of TSSW is a move that consolidates our leadership in the domestic market, building on the technological competence of the ZF Group with the manufacturing prowess of the Rane Group,” said ZF Group India President Akash Passey.
