Slump sale of Friction Business to Rane Madras completed; MD resigns
HINDCOMPOS · price
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Hindustan Composites has completed the slump sale of its Friction Business Undertaking to Rane (Madras) Limited (RML), effective 20th August 2026. The BTA was signed on 30th June 2026 and approved by postal ballot on 11th August. Four senior managers (Sales, Purchase, Works, R&D heads) have transferred to RML as part of the deal. Managing Director Mr. Pawan Kumar Choudhary resigned and stepped down to join RML, but continues on the board as Non-Executive Director.
Company divests its Friction Business to RML and shrinks in size. MD exits executive role but stays on board, ensuring continuity of oversight post-divestiture.