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When we envision a dream, it seems distant... far away. Even impossible. By 2010, we have laid a solid foundation over the past 75 years. Creating a dream is not an easy task... so many things to aspire for, so many things to consider.

There is no magic formula to bridge journey between Dream and Deliver. Design is the arduous route to be taken with sweat, determination and hard work to complete the process. Of course, it is not a single, long straight path. The past few years has seen intensifying walking on the designed path. Yes, there have been course corrections as we progressed early results of our strategy is starting to become visible. It gives us confidence on the direction taken and the course designed to ensure a flawless delivery of continued profitable growth in the years to come. As we step closer to the Dream, we are confident that the Design is right, further boosting our motivation to keep working hard, and start delivering to all our stakeholders.

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We Dreamt...

We Designed...

We Delivered...

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Yesterday is but today’s memory, and tomorrow is today’s dream.
- Khalil Gibran

2010... seems like yesterday. It was the year when the Company completed its 75 years and celebrating the accomplishment of a dream – operational excellence. With TQM as way of life at Rane, the pursuit of operational excellence had brought in rich dividends as the Company transcended customer satisfaction and became a preferred vendor for global auto majors.

To create our tomorrow, we had to create the dream today. Dreaming is easy but dreaming big with a conviction to convert it into reality is indeed a tough task. Before we set on the creating our dream, we had to look at what we had achieved so far, build our capabilities, understand our culture, ponder about how much could we stretch, think about the ever changing market landscape and much more.

The previous decade saw the organization being re-built around TQM and operational excellence. It had given a common theme to the Company and united the various stakeholders - our customers, our suppliers, our employees and our community. We tried to map the manufacturing landscape and saw that OE would look at near-sourcing as they set forth to increase their operational and financial efficiencies. We understood that Safety, one of the key features of the developed auto markets, would have to become a standard feature in India as auto customers start demanding the best.

Such introspection and analysis led us crystallizing the Rane dream in 2010 to make the coming decade 2011-20 as a Decade of Profitable Growth.

Such introspection and analysis led us crystallizing the Rane dream in 2010 to make the coming decade 2011-20 as a Decade of Profitable Growth.

We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort.
- Jesse Owens

For the past few years, we have designed multiple endeavours all aligned to make the dream a reality. To achieve the dream, we designed initiatives to focus on intensifying our international business. This saw the strengthening of the export business as well as the acquisition of the Precision Die Casting Inc. USA. As TQM became a way of life, we designed the next phase of the Company’s operational philosophy - business excellence across the organization.

Our initiatives around increasing process, operational and financial efficiencies and sweating our assets continue relentlessly to aid the dream of creating a decade of profitable growth. We have planned the increase in investments in R&D so as to create best in class products benchmarked with the best in the world. This has created a better and higher value added products giving the Company a formidable competitive advantage.

Finally, we charted a path to ensure that the Company aligns its most important resource, people, to the vision and invest in building capability and capacity of the people.

Our initiatives around increasing process, operational and financial efficiencies and sweating our assets continue relentlessly to aid the dream of creating a decade of profitable growth.

Customers don’t measure you on how hard you tried. They measure you on what you deliver.
- Steve Jobs

Since 2011, the Company continues to focus on Designing its part to achieve the Dream. We have done course correction, wherever necessary, persisting on the stated path, however long and arduous.

We had envisioned that in this decade, as India becomes the cynosure of the world, the consumer expectations from companies are also going to rise exponentially. Also, the design element of our strategy has tried to leverage mega trends such as Electrification, Connectivity and Autonomous Driving. This has resulted in strengthing our existing product line with major investments in R&D and building manufacturing efficiencies. In the process, we have forayed into new avenues of growth namely Occupant Safety.

Leveraging the solid foundations of having world-class manufacturing practices, we aimed at increasing revenue from beyond the shores of India. This saw us not only focusing on exports from India but also laid the foundation of our US acquisition. The strategy has paid rich dividends. In FY17, revenues from our international business was at 21% up from 16% of the total turnover in FY12. In conjunction with accelerated growth, we designed to build deeper relations with OEs across the globe.

At the end of the fiscal, we have delivered and have made deeper inroads into top tier OEs across India, South East Asia, Europe and the US.

Since 2011, the Company continues to focus on Designing its part to achieve the Dream. We have done course correction, wherever necessary, persisting on the stated path, however long and arduous.

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Established in 1929, Rane Holdings Limited (RHL), through its group companies, is engaged in the manufacturing and marketing of automotive components for the transportation industry. The Group is recognized as the preferred Original Equipment vendor for auto major in India and overseas. It supplies to all sections of automobile industry including passenger car, light commercial vehicle, medium and heavy commercial vehicle, two-wheeler, three-wheeler, multi-utility vehicle and farm tractor. Rane Holdings has a multi-location presence in India with 23 plants across the country. With the acquisition of US-based Precision Die Casting Inc., it has a presence in USA.


To maintain market leadership and achieve sales of ₹5,500 Crores by 2019-20


  • Provide superior products and services to our customers and maintain market leadership
  • Evolve as an institution that serves the best interests of all stakeholders
  • Ensure the highest standards of ethics and integrity in all our actions
  • Pursue excellence through total quality management

Rane Holdings plays a key role in setting the vision for the group and its various companies and offering consultancy and other services to its subsidiaries. A sharp focus by the Group on operational excellence through Total Quality Management (TQM) has seen its various group companies been awarded three Deming Grand Prizes and four Deming Prizes.

Global Footprints

Corporate Structure

Key Customers

Our Portfolio

Company Products
Rane (Madras) Limited Steering Gear Products, Suspension and Steering Linkage Products, Die Casting Products
Rane Engine Valve Limited Engine Valve, Valve Guides and Tappets
Rane Brake Lining Limited Brake Linings, Disc Pads, Clutch Facings and Clutch Buttons
Rane Holdings America Inc., USA. Business Development services in North American region for Rane group companies
Rane TRW Steering Systems Private Limited Hydraulic Steering Gear, Hydraulic Pump, Seat Belt and Air Bag
Rane NSK Steering Systems Private Limited Manual Steering Column and Electric Power Steering
JMA Rane Marketing Limited Automotive component trading company with a pan-India dealer network
Rane Precision Die Casting Inc., USA Die Casting Products
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There is a strong case of going beyond ‘Make in India’ and start the march towards ‘Design in India’. Rane has adopted this philosophy and we have had to make cultural changes to bring R&D at the forefront of business and seen success follow us.

Dear Shareholders,
Forty-seven years is a long time, yet it seems only like yesterday... It was 47 years ago that I stepped into the world of Rane as a management trainee. Since then the journey has been in equal measures interesting, challenging and satisfying. Over these long years, I have seen significant changes at Rane, India and across the globe. Looking at the India of then and now, I have seen the licence raj, whiffed the first fragrance of liberalization and India taking its rightful place on the global high table - all part of the changing milieu. Even at Rane, I have seen each one of us adapting to these changes, at times stumbling, yet getting to a place today where we are the partners of choice for many OEMs, the preferred brands in the replacement markets and a strong export story as we compete with the best in the world. It has been a journey for me to take the Company which is now fully geared to as a world-class player in automotive products. Truly, it has been a fantastic journey so far!

Yet the more things change, the more they remain the same! Ever since I took on the mantle of the Rane Group, I realised the importance of skill development of our people. Even as I have raised this in multiple forums during the last many years, I see not much change in this area. While we stand at a historic inflection point where our young and energetic population can take the country to new heights, I hope the governments and companies take the issue of skill very seriously. Today we churn out millions of graduate who are not employable in the industry. We need to seriously evaluate the entire curriculum to have a ready work force else we lose the advantage of a large and young workforce. The young and restless at heart workforce also brings to the fore another issue – low manufacturing activity in the country. Manufacturing can be one of the key sectors to create the necessary jobs but the sector continues to languish at 16-17% of the total GDP. Even with the ‘Make in India’ and the aspiration of taking the manufacturing sector to 25% of the GDP by 2025, it will not be possible if we do not equip our workforce to take on the challenges of changing economics of production and distribution and frequent shifts in consumer demand. Finally, there is a strong case of going beyond ‘Make in India’ and start the march towards ‘Design in India’. Rane has adopted this philosophy and we have had to make cultural changes to bring R&D at the forefront of business and seen success follow us.

The automotive world will continue to be challenging and interesting. Disruptions are becoming more norms than exceptions; changes are happening at breakneck speed even as the concept of mobility itself is changing. This will need a cultural change in organizations else we see many companies falling by the wayside. I am proud to mention that ‘change is the only constant’ way of life has been deeply embedded in each one at Rane.

As I sign off and take on other interesting roles within and outside Rane, I hand over reins to L Ganesh with the confidence that we are ready to take on any change and he will continue to build on the Rane legacy. Finally, I would like to place on record my sincere appreciation of the efforts put in by each employee and our other stakeholders including customers, partners, etc. which has enabled me to make this journey worthwhile and extremely enjoyable.

Finally, I would like to place on record my sincere appreciation of the efforts put in by each employee and our other stakeholders including customers, partners, etc. which has enabled me to make this journey worthwhile and extremely enjoyable.

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Your Company is no stranger to challenges and uncertainties. The decisions and actions taken in the past to achieve Vision 2020 are showing growth and throwing up new opportunities.

Dear Shareholders,
As L Lakshman, who retired as Executive Chairman and Managing Director, takes on the new role as Chairman Emeritus, I would thank him for unceasingly playing a stellar role for over two and half decades and taking the Company to great heights making it the preferred supplier for all the major auto OEs in India and beyond. I am confident that I can always look up to him even as he continues to guide me and the Company to ensure the next phase of growth journey.

FY17 was one of most uncertain ones I can recall. The huge surprise of Brexit and referendum in Italy, the results of the US Presidential election and rise of populism across Europe has created a different and uncertain world. India was no exception... as the India’s currency reforms took everyone by surprise resulting in the country losing its tag of the fastest growing economy in the last quarter of the fiscal. Nevertheless, with a 7.1% growth rate in FY17, India continued to do well in terms of economic expansion. The big news during the year was the passage of the Goods and Service Tax (GST) legislation. According to most experts the implementation of GST is expected to usher in new prospects for the economy, auto ancillary companies and fuel the growth of the sector.

Beyond GST, the country continued to see soft interest regime, low crude prices and government’s seriousness in investing in the core sector. However, what has been amiss is the low private capex creation. Despite the softening of interest rates, corporates are yet to begin investments in new projects even as the country witnesses jobless growth. This is also a test to the government’s ‘Make in India’ project which is moving slower than anticipated.

Your Company is no stranger to challenges and uncertainties. The decisions and actions taken in the past to achieve Vision 2020 are showing growth and throwing up new opportunities. We continue on our established path of prudent conservatism to ensure sustainable and profitable growth. Our mantra continues to be focused on enhancing efficiency, achieving cost rationalization and exploring new revenue sources by entering new businesses and geographies. Moreover, our first acquisition in the US is contributing to the overall growth. Our group companies are focusing on business which promises higher and profitable growth in the coming years. We continue to focus on corporate social responsibility initiatives for the benefit of nearby communities in all our locations.

On behalf of the board of directors of Rane Holdings , I thank our stakeholders – Customers, Employees, Partners, Vendors, Investors, Bankers, Governments and Communities – and remain committed and sincere in our efforts to keep delivering ever better value in the years ahead.

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According to ACMA, the auto component market in India is expected to cross the $50 billion mark by end of FY18. We remain bullish on India and see the country bringing in legislations to ensure that we adhere to standards like those followed in the development markets

Harish Lakshman takes over as the new Vice Chairman of Rane Holdings Limited. He continues to guide and advise the Company on business and policy matters along with the Chairman.

On performance of the Indian Automobile Sector in the FY17
The growth in the auto segment has been as per expectation given the robust GDP expansion. The Indian auto sector posted a growth of 6% in FY17, as against a sober 2% in FY16. The growth has been led by the Passenger Vehicles (PV) and the two-wheelers segments with the PV segment continuing its 3rd year of sustained growth. The segment posted 9% growth for FY17, outpacing its last year’s number of 6%. While there was clear consumer bullishness for the PV and two-wheelers segments, the country did not witness similar sentiments for the overall Commercial Vehicle segment which grew at a slower pace of 3% as against the previous year when the segment had raced ahead with a double digit growth of 12%.

On performance of the Indian Automotive Component Sector during FY17
The growth of the auto component industry works in tandem with the auto industry. According to the Automotive Components Manufacturers Association of India (ACMA), the growth rate for the segment is expected to be in the range of 10%. In the previous fiscal, the industry posted a total revenue of $39 billion and is expected to clock $43-45 billion for FY17.

On Rane’s performance in FY17
It was a very good year for Rane Group. In FY17, our Group aggregate revenue grew by 24% to touch ₹ 4,032 Crore, as compared to ₹ 3,261 Crore in FY16. Our EBITDA & PBT stood at ₹ 456.1 Crore and ₹ 227.9 Crore growing by 38% & 71% respectively. Continued focus on reducing cost and improving manufacturing efficiencies helped to improve EBITDA margins by 120 bps to 11.3%. We have set in motion a strategy to increase revenues from our international business and this strategy has paid rich dividends as revenues from international customers grew 59% y-o-y as the fiscal saw the full year impact of overseas acquisition by Rane (Madras) Limited.

On the importance of R&D for the Company
R&D is one of key pillars for the Company and this can be seen by the steady ramp up of investment in this area. About three years ago, we invested about 0.8% of revenues, which has significantly moved to 1.7% currently. It is still lower as compared to the investments made by global auto component majors. Nevertheless, we will continue to invest in various technologies.

On Company’s outlook for FY18
According to ACMA, the auto component market in India is expected to cross the $50 billion mark by end of FY18. We remain positive about the business environment for Indian Auto sector with fast-growing economy, rising per capita income, easy access to finance, low penetration of cars and a major thrust on Infrastructure. The group companies have plans to enhance its capacity and manufacturing capabilities to align with customer requirements. The constant focus on enhancing product development capability is supporting in securing and expanding our business with international customers.

Board of Directors Profile

Mr. L Lakshman
Chairman Emeritus

Mr. L Lakshman is currently the Chairman Emeritus of Rane Holdings Limited (RHL), the apex company US$ 500 million Rane Group. He is a Mechanical Engineer and an alumnus of London Business School, UK. He joined one of the Group Companies as a Management Trainee in 1970 and eventually spearheaded as Chairman of the Group in 1992. Under his leadership, the Rane Group won the coveted Deming Prize, Deming Grand Prize and Japan Quality Medal. After being at the helm of its leadership for nearly two and a half decades, he retired as Executive Chairman of RHL on March 31, 2017. He continues on the Board of RHL on a Non-Executive capacity providing guidance and mentorship.

He was awarded Jamsetji Tata Award by The Indian Society for Quality in 2012. In addition to being a Director in Rane group of Companies, he serves as an Independent Director in DCM Limited and SRF Limited. He leads the CSR initiatives of Rane Group and is the Managing trustee of Rane Foundation. Apart from being a former president of ASSOCHAM, ACMA and Madras Chamber of Commerce & Industry, he has also been an active member in various industry forums.

Mr. L Ganesh
Chairman & Managing Director

Mr. L Ganesh is the Chairman of the Rane Group, one of the acknowledged leaders in the auto component industry with over 40 years of industrial experience. He has successfully led the Rane Group during the economic slowdown, by strengthening management and leadership capabilities. He is a Chartered Accountant and an MBA from the Pennsylvania State University, USA. Beginning his career as a Management Trainee in Rane Engine Valves Limited (REVL) in 1979, he progressively handled various responsibilities as Vice Chairman and Managing Director, Vice Chairman of the Group and Chairman.

He was President of the Automotive Components Manufacturers Association of India and also President of the Madras Management Association. He was Chairman of the Confederation of Indian Industry (CII), Southern Region. Currently, he is Honorary Consul for New Zealand in South India.

Mr. Harish Lakshman
Vice- Chairman

Mr. Harish Lakshman holds Bachelor’s degree in Mechanical Engineering from BITS, Pilani, and Master’s degree in Business from Krannert School of Management at Purdue University, USA. He is currently the Vice Chairman of the Company. He is the Vice Chairman of Rane Engine Valve Ltd., Rane (Madras) Ltd and Managing Director of Rane TRW Steering Systems Pvt. Ltd. and he also serves on the board of all Rane Group companies. He joined the Rane Group in 1998 and held different positions in the areas of Marketing, Operations and Export Business Development. He is currently spearheading the Groups initiative to achieve an accelerated profitable growth. Prior to joining Rane Group, Harish worked with TRW Automotive Inc. in the US for 2 years.

As an active member of several industrial associations and government panels he has also played a key role as President of Automotive Component Manufacturers Association of India (ACMA) for the period 2013-14. He has also served as Chairman of CII – Young Indians (Chennai Chapter). He was identified and recognised by Economic Times as one among the top 40 under forty India’s Business Leaders in 2014.

Mr. Anjanikumar Choudhari
Independent Director

Mr. Anjanikumar Choudhari serves as an Independent Director of Rane Holdings Limited since October 27, 2010. He is a Mathematics & Statistics Graduate and holds a Master’s degree in Management Studies from Jamnalal Bajaj Institute of Management Studies, Mumbai. He is Director of Mahindra Institute of Quality and has been a guest lecturer at IIM Calcutta and Bangalore. He held number of senior positions in the Mahindra Group and served as a Director on the Boards of Mahindra group companies in India as well as overseas. Before joining M&M he worked for 25 years with Hindustan Unilever Ltd. He has won several awards including Rotary International award in 1995 and ‘Udyog Rattan’ in 2007. He is the founder President of the Shanghai Indian Business Association started in 1996.

Mr. Shujaat Khan
Independent Director

Mr. Shujaat Khan serves as an Independent Director of Rane Holdings Limited since October 29, 2007. He has a B.A., magna cum laude, from University of Rochester and an M.B.A. from Harvard University Graduate School of Business Administration, U.S.A. Prior to co-founding Blue River Capital, he was a Managing Director and Investment Committee Member at ChrysCapital I, LLC and ChrysCapital II, LLC, together comprising India’s largest independent private equity firm. He has recently joined Centrum Capital as Managing Director of the Asset Management business.

Dr. (Ms.) Sheela Bhide
Independent Director

Dr. (Ms.) Sheela Bhide holds a doctorate in international trade from the Institute of International Studies, Geneva, a Master’s degree in economics from George Mason University, United States of America and a master’s in Public Administration from John F. Kennedy School of Government, Harvard University, United States of America. She also holds a Masters’ degree in Business Administration (MBA) with a specialisation in financial management, from Indira Gandhi National Open University. She is presently the Senior Adviser to the EU-funded project on “Sustainable Development of Foundry Clusters in India” being implemented by Foundation for MSME Clusters, Delhi.

She belongs to the 1973 batch of the Indian Administrative Service (IAS) and has handled several prominent positions in her 40 year-long career including Ministry of Commerce of Industry, Government of India as Chairman and Managing Director, India Trade Promotion Organisation; various Ministries in Government of India viz., Ministry of Defence, Government of India (Additional Secretary and Financial Advisor Acquisition); Ministry of Corporate Affairs (Joint Secretary) and Government of Andhra Pradesh (Secretary Finance & Secretary Industry and Commerce). She is also an Independent Director on the board of L&T Metro Rail (Hyderabad) Ltd., Suryodaya Small Finance Bank Ltd., Gati-Kintetsu Express Private Ltd. and Gati Ltd

Dr. V Sumantran
Independent Director

Dr. V Sumantran holds Master degree and Ph.D. degrees in Aerospace Engineering (Princeton University & Virginia Tech) and a Master’s degree in Management of Technology. He is Alumnus of Indian Institute of Technology, Madras, where he received his Bachelor’s degree in Aerospace Engineering. He is a Fellow of SAE International and a Fellow of the Indian National Academy of Engineers. He is the Chairman of Celeris Technologies and an advisor to several leading Fortune- 100 organizations in autos, industrial equipment, defence and aerospace. He is an adjunct Professor at MIT-MISI and a distinguished visiting Professor of the Indian Institute of Technology, Madras. He is a member of the Board of Directors of UCAL Fuel Systems Ltd

Dr. V Sumantran has over 30 years of experience and has served on the Science Advisory Council of the Prime Minister of India and Scientific Advisory Committee to the Cabinet of the Indian Government. He was also member of the National Manufacturing Competitiveness Council and served as Chairman, National Defence Council of the Confederation of Indian Industry until 2013.

Corporate Information

Board Comittees

Audit Committee

  • Mr. Anjanikumar Choudhari, Chairman
  • Mr. L Ganesh
  • Mr. Shujaat Khan
  • Dr. V Sumantran

Stakeholders’ Relationship Committee

  • Mr. Harish Lakshman, Chairman
  • Mr. L Ganesh
  • Dr. (Ms.) Sheela Bhide

Nomination & Remuneration Committee

  • Mr. Anjanikumar Choudhari, Chairman
  • Dr. V Sumantran
  • Mr. Harish Lakshman

Corporate Social Responsibility Committee

  • Mr. L Lakshman, Chairman
  • Mr. L Ganesh
  • Mr. Anjanikumar Choudhari

President- Corporate Services

  • Mr. R Venkatanarayanan

Executive Vice President - Secretarial &
Legal and Secretary

  • Mr. Siva Chandrasekaran

Executive Vice President - Business Development

  • Mr. Chandran Krishnan

Vice President - Finance & CFO

  • Mr. J Ananth

Exchange Listings

  • BSE Limited, Mumbai
  • National Stock Exchange of India Limited, Mumbai

Statutory Auditors

  • Deloitte Haskins & Sells, Chartered Accountants
    ‘ASV N Ramana Towers’, 7th Floor, Old No. 37;
    New No. 52 Venkatanarayana Road,
    T Nagar, Chennai - 600017.

Secretarial Auditor

  • S. Krishnamurthy & Co.,
    Company Secretaries
    “Sreshtam” Old No. 17, New No. 16
    Pattammal Street, Mandaveli, Chennai - 600 028.


  • HDFC Bank Limited, Chennai - 600004
    YES Bank Limited, Chennai - 600034
    Citibank N A, Chennai - 600002
    Indian Bank, Chennai – 600006

Registered Office

  • Rane Holdings Limited
    CIN: L35999TN1936PLC002202
    ‘Maithri’ 132, Cathedral Road, Chennai - 600086
    Phone: +91 44 2811 2472
    Fax : +91 44 2811 2449

Registrar and Share Transfer Agents

  • Integrated Registry Management Services Private Limited
    II Floor, ‘Kences Towers’, No. 1 Ramakrishna Street,
    North Usman Road, T. Nagar, Chennai - 600017.
    Ph: +91 44 28140801-03
    Fax: + 91 44 2814249

Community Development Initiatives

CSR Vision

To be a socially and environmentally responsible corporate citizen.

CSR Thrust Areas


  • 224 youth from the rural areas completed diploma program through the Rane Polytechnic
  • Support to Vembakkam branch of Eureka School, which aims at offering quality education for the rural children

Community Development

  • Extended support to the Ganapathy Iyer Girls’ High School, which accommodates girls mainly from lower economic strata, to restore the infrastructure damages due to the Chennai flooding.


  • Support the physically challenged people in and around Trichy through the Spastics Society
  • Mobility aids distributed to 130 beneficiaries in partnership with Freedom Trust


  • Provided support to environmental sustainability projects through green cover and anti-plastic awareness campaigns
  • Conducted sapling plantation drives near plant locations
  • Awareness program to school children on sanitation and hygienic practices to avoid communicable diseases
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