India, July 2 -- Rane (Madras) Ltd (RML) has signed an agreement to acquire the friction business of Hindustan Composites Ltd (HCL) for an enterprise value of Rs 370 cr through a slump sale, subject to the terms and conditions of the agreement.
HCL's friction business is a well-established supplier of friction materials, with more than six decades of expertise serving the automotive, railway, farm tractor and industrial segments.
The business offers a wide range of products, including brake linings, brake pads, brake blocks, clutch facings and industrial friction products. It is backed by in-house research and development capabilities and a strong pan-India distribution network.
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