Tokyo, Japan, December 15, 2010 — NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) is pleased to announce its acquisition of a majority shareholding in Rane NSK Steering Systems (RNSS), a manufacturer of steering systems that NSK jointly established with Rane Group in India. In addition to the recent growing Chinese automobile market, India is one of the fastest growing markets in the world. NSK aims to further expand its steering system business in the rapidly growing Indian automobile market through swiftly implementing a coherent growth strategy.

Since its founding in 1997 as a 50:50 joint venture company, RNSS has continued to supply manual steering columns (MSCs) and electric power steering (EPS) systems that excel in both safety and quality. Recent years in India have seen a rapid expansion of the automobile market driven by a high demand for small cars, growing public awareness of environmental protection and increasing interest in advanced safety technologies. Under these circumstances, it is expected that functional steering products, including EPS systems that contribute to greater fuel efficiency, will come into wider use in India.

Although the growth of the Indian automobile market will continue, there are challenges such as the severe road conditions in India and other unique market factors. NSK established a regional headquarter in India in April 2010 to coordinate between teams from Production, Sales and Marketing, and Technology, aiming for a stronger business foundation and business growth.

NSK purchased part of the RNSS shares owned by the Rane Group in November 2010 and acquired the majority shareholding in RNSS. NSK will continue its commitment to the Indian market and will put even more effort in its customer service and in its business expansion.

In response to the increasing demand for EPS systems, which results from many foreign automobile manufacturers entering into the Indian automobile market, RNSS will upgrade its EPS plant in Bawal to increase production capability and further improve its competitiveness by introducing the latest EPS technologies. At the same time, in response to increasing demand for MSCs from Indian automobile manufacturers, NSK will invest significantly in facilities to further improve the quality of its MSCs and assure consistent supply to local automobile manufacturers that matches local needs.

NSK will continue to support the further development of motorization in India by providing Indian customers with a stable supply of high-quality, highly functional steering products and bearings to meet local needs, in addition to providing excellent customer service.

Rane NSK Steering Systems:
RNSS was co-established by the Rane Group and NSK in Chennai in 1997 as a 50:50 joint venture company. The company started the large-scale production of steering columns at its plant in Chennai, South-East India in 1998 and established a production base for EPS systems in Bawal, in the state of Haryana, North India, in 2008. At present, it manufactures the following products in response to Indian market needs at its two plants in Chennai and Bawal:

Steering columns, intermediate shafts and joint assemblies (Chennai Plant)
Electric power steering systems (Bawal Plant)

Rane Group:
The Rane Group, which was founded in 1929, consists of seven companies that manufacture major automobile parts, such as safety systems and steering parts. The group reported total sales of 16,629 million Indian rupees (about 30 billion yen) in fiscal 2009.

The Rane Group has incorporated TQM (Total Quality Management) in its management strategies. The group includes four Deming Prize-winning companies.

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