ABB India zooms ~1% on divesting turbocharger business for Rs310 crore

3 Mar 2022 , 09:34 AM

ABB India Ltd., in its regulatory filing on Thursday, informed the exchanges the company’s Board have approved the proposal to incorporate a wholly-owned subsidiary and to divest company’s turbocharger business in the Process Automation business segment (“Turbocharger Business”) as a going concern, on on a slump sale basis to its wholly owned subsidiary for a consideration of Rs310 crore (“Slump Sale”).

ABB India has completed the incorporation of a wholly-owned subsidiary namely, Turbocharging Industries and Services India Private Limited, on January 31, 2022. The sale of Turbocharger Business to Turbocharging Industries and Services India Private Limited completed on March 1, 2022.

ABB India surged 1.39% or Rs30.30 so far in today’s trade and was trading at Rs2,207.95 against its previous closing price of Rs2,179.20. It touched day’s high of Rs2,225.