UPDATE 1-Rane Engine,Rane Brake to spin off manufacturing biz

Newswire

(Adds details, quote, background) MUMBAI, Aug 20 (Reuters) - Rane Engine Valves Ltd and Rane Brake Linings Ltd said on Monday their manufacturing businesses would be transferred to new firms and their investments in group firms merged with Rane Holdings Ltd. "This aims at elimination of residual cross holdings and consolidation of group company investments into Rane Holdings," Group chairman L Ganesh said in a statement. Rane Engine shareholders will get 100 shares in the spun-off firm ...

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