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ABB India gets nod to incorporate subsidiary for divesting turbocharger business

22 Dec 2021 Evaluate

ABB India 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 310 crore 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 187 crore 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 25 crore.

ABB is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future.

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