Rane (Madras) acquires HCL's friction business for ₹370 Cr

Rane (Madras) Ltd. has entered into a Business Transfer Agreement (BTA) to acquire the friction business of Hindustan Composites Limited (HCL) for a lumpsum consideration of ₹370 crores. The acquisition, approved by Rane's Board on June 30, 2026, is on a cash-free, debt-free slump sale basis and includes HCL's friction business assets, liabilities, contracts, licenses, and employees as a going concern. This strategic move aims to establish Rane (Madras) as a market leader in automotive friction components, leveraging manufacturing scale, an expanded distribution network, and enhanced R&D capabilities. The deal also includes the acquisition of the "COMPO" brand. HCL's friction business reported a turnover of ₹315.04 crores in 2026. The acquisition is subject to customary closing conditions and necessary approvals, with an indicative completion period by September 30, 2026.