Rane Group Says Diecast Arm Will Turn Profitable This Year

Auto parts manufacturer Rane expects its loss-making aluminium diecast subsidiary to turn around this year.Rane Diecast Ltd was set up in 2006 to cater to American partner TRW's global requirements of machined aluminium die-castings. The subsidiary has an integrated plant in Hyderabad.For the fiscal year 2011, Rane Diecast recorded a turnover of Rs 43 crore (at a 29 per cent growth over last year) and a net loss of Rs 4.6 crore (loss of Rs 2.9 crore in FY 2010). "The first project we bagged was that of Chrysler which eventually went into bankruptcy. Orders dried up thereafter," said Mr L. Ganesh, Chairman, Rane group.Despite improvement in sales, the

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