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ABB India completes the sale of its dodge business for Rs44.58cr

The company have approved the proposal to divest/sell the Company’s mechanical power transmission division (“DodgeBusiness”) as a going concern on a slump sale basis to RBC Bearings Incorporated and/or its affiliates/subsidiaries.

December 03, 2021 12:08 IST | India Infoline News Service
ABB India said in the regulatory filing that it has completed the divestment of its mechanical power transmission division (Dodge business) as a going concern on a slump sale basis to RBC Bearings Incorporated and/or its affiliates/subsidiaries for Rs44.58cr.

The company said in the filing, “we had informed the BSE Limited and National Stock Exchange of India Limited that the Board of Directors of the Company have approved the proposal to divest/sell the Company’s mechanical power transmission division (“DodgeBusiness”) as a going concern on a slump sale basis to RBC Bearings Incorporated and/or its affiliates/subsidiaries.”

In this connection, we would now like to inform you that the Company, as on December 1, 2021, completed the sale of the Dodge Business to Dodge Industrial India Private Limited, an affiliate of RBC Bearings Incorporated (“Dodge India”), it added.

ABB India Ltd is currently trading at Rs2,096.25 down by Rs17 or 0.8% from its previous closing of Rs2,113.25 on the BSE. The scrip opened at Rs2,099 and has touched a high and low of Rs2,130 and Rs2,077.45 respectively.

Further, the company stated that the disclosures made by us in accordance with Regulation 30 of the Listing Regulations read with SEBI Circular dated September 9, 2015, bearing reference number CIR/CFD/CMD/ 4/2015, in relation to the sale pursuant to our letter dated July 28, 2021 were based on information that was available at the time of such communication, and we had indicated that the same would be updated upon execution of the Business Transfer Agreement (‘BTA’).

(i) Date on which the agreement for sale has been entered into: The BTA is dated December 01, 2021.
(ii)  (ii) The expected date of completion of sale/disposal: The sale of the Dodge Business was completed on December 01, 2021.
(iii) (iii) Consideration received from such sale/disposal: The consideration received is Rs.44,58,00,000 (Indian Rupees Forty-Four Crores and Fifty-Eight Lakh only).

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