Rane Group inks JV with Japan's NSK to set up steering system pla

New Delhi, May 15 (UNI) Auto components manufacturer Rane Group today said it has signed a joint venture agreement with Japan-based auto parts maker NSK Steering Systems Ltd to set up an electric power steering systems plant in Haryana, with an investment of Rs 37.7 crore.

''The JV will be funded by equity and debt, 19 crore of equity and the rest debt,'' Rane NSK Steering Systems Vice president (Finance) John Verghese said.

The plant will have an initial capacity of 2,00,000 units per year, which will be expanded further.

The JV company is targeting revenue of Rs 200 crore by fiscal year 2010-11.

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