Rane Madras to set-up manufacturing facility in Uttaranchal

Rane Madras Ltd has announced that the Board of Directors of the Company has decided to set up a manufacturing facility in the State of Uttaranchal, a tax incentive state, to supply Stearing Gears exclusively to Tata Motors Ltd (TML). The Company would setup the plant in TML’s Vendor Park at Uttaranchal.

Further the Company has informed that the initial investment for the project is expected to be around Rs 93 Million for supplying 250 nos. of Stearing Gears per day to TML. The Plant would enjoy certain tax benefits under the Income Tax Act, 1961.

Source : Equity Bulls

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