Rane Holdings forays in to Telematics

Mumbai, Sep 1: Rane Holdings, the holding company of Rane group, has received an approval for acquisition of 70 percent shareholding in Bengaluru-based Telematics4U Services (T4U). Founded in 2009, T4U offers customized analytics-rich end-to-end telematics solutions for various transportation and asset tracking requirements in India and other countries across South Asia, Middle East and Africa. The company will pay Rs 1.17 crore for acquiring 70 percent equity shareholding through subscription to fresh issue of shares and share purchase from existing shareholders. In addition, the company plans to invest about Rs 27 crore over the next two years to scale up operations as it sees high revenue visibility and significant growth potential at T4U, company said in a filing with BSE. UNI