Rane Group, one of India's oldest component manufacturers, has acquired a majority stake in the Bangalore-based Telematics4U Services to capital on evolving opportunities in the field of connected vehicles.
31 Aug 2017 | 5528 Views | By Kiran Bajad
The Chennai-based Rane Group has made a foray into the fast-growing field of telematics. The management board of Rane Holdings today announced that it has approved the acquisition of 70 percent shareholding in the Bangalore-based Telematics4U Services (T4U) for Rs 1.17 crore.
T4U, which was founded in 2009, ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
The Chennai-based Rane Group has made a foray into the fast-growing field of telematics. The management board of Rane Holdings today announced that it has approved the acquisition of 70 percent shareholding in the Bangalore-based Telematics4U Services (T4U) for Rs 1.17 crore.
T4U, which was founded in 2009, provides customised analytics, end-to-end telematics solutions for various transportation and asset tracking services in South Asia, Middle East, Africa and India. The company is focused on Internet of Things (IoT) and other smart technologies to design platforms and solutions for its customers in the public, private and social sectors. In FY2016-17, the company reported revenue of Rs 18.6 crore.
Rane Holdings plans to invest about Rs 27 crore over the next two years to scale up operations as it foresees potential for high revenues and significant growth potential at T4U.
Commenting on the acquisition, Vinay Lakshman, Rane Group, said, “Connectivity is one of the mega trends influencing transportation sector. We believe the acquisition of T4U will further our ambition to capitalise on the evolving opportunities in connected technologies. In addition, we foresee that this acquisition has potential to open up opportunities for us to expand our connected vehicle product portfolio.”