ZF Rane Automotive India, a joint venture between the ZF Group in India and the Chennai-based Rane Group has acquired 100% of steering wheels manufacturer TRW Sun Steering Wheels (TSSW).
ZF Rane Automotive India manufactures hydraulic steering gear system, seatbelts, and airbags for automotive industry. With the acquisition of TRW Sun Steering Wheels, this joint venture will target speedier growth.
Headquartered in Gurugram, TSSW manufactures various types of steering wheels for the Indian market. TSSW is a JV 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 diverse set of passenger vehicle customers from its manufacturing plants in Gurugram and Pune.
This acquisition places ZF Rane Automotive India in a strong position to provide comprehensive solutions covering occupant safety and system integration services to domestic customers.
Commenting on the acquisition, Harish Lakshman, Vice-Chairman, Rane Group & Managing Director, ZF Rane Automotive India said, “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.”
Akash Passey, President, ZF Group India added, “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. Now with the TSSW acquisition, we will be able to support more customers, across the region with a comprehensive portfolio. This acquisition enables us to pool in our specific strengths and create a stronger brand that adds immense value to the customer requirements.”