ABB India gets nod to incorporate subsidiary for divesting turbocharger business
Source: IRIS | 24 Dec, 2021, 09.23AM
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 ABB, a leading player in power and automation technologies, announced that the company has received approval from its board of directors to incorporate a wholly-owned subsidiary (WoS) to which it will sell its turbocharger business for Rs 3.10 billion on a slump sale basis. The slump sale will be consummated by end of February, 2022. Upon completion of the slump sale, the wholly-owned subsidiary that is being incorporated will be engaged in the turbocharger business.
The Turbocharger Business has a turnover of Rs 1.87 billion which is around 3% of the total turnover of the company for the financial year ending on December 31, 2020.The contribution of the Turbocharger Business to the net worth of the Company for the financial year ending on December 31, 2020, is less than Rs 250 million.
Shares of the company declined Rs 21.90 or 0.96%, to settle at Rs 2,261.65. The total volume of shares traded was 7,475 at the BSE (Thursday).
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