Rane Holdings Ltd. (RHL), the holding company of Rane Group, will acquire majority stake in the Bengaluru-based telematic solutions provider Telematics4U Services Private Ltd. (T4U) for ₹1.17 crore.
RHL will pay ₹1.17 crore for acquiring 70% equity. In addition, RHL will invest about ₹27 crore over the next two years to scale up operations as it sees high revenue visibility and significant growth potential at T4U, according to a company release.
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. Last year, it recorded revenue of 18.6 crore.
RHL Q1 net rises
RHL reported 51.59% increase in its standalone net profit for the first quarter ended June 30, 2017 at ₹5.23 crore against ₹3.45 crore registered in the year-earlier period.
Total income rose to ₹15.18 crore from ₹12.95 crore.
“The performance in this quarter was good supported by strong supplies to Indian original equipment manufacturers and international customers,” said L. Ganesh, chairman and managing director, Rane Holdings.
