ABB India Limited to divest businesses

The Board of Directors of ABB India Limited at its special meeting held today discussed the following proposals:

- to divest/sale of Turbocharger business in Process Automation business segment;

- to divest/sale of Dodge Mechanical Power Transmission business in Motion business segment.

Following such discussions, the Board granted in-principle approval for divestment/sale of Company's Turbocharger and Dodge Mechanical Power Transmission businesses. In this regard, the Board authorized the management of the Company to take all required steps including appointment of advisors, valuers etc.

The Board's decision to review India businesses for potential divestment is in line with ABB Group's already announced ongoing systematic portfolio restructuring to strengthen competitiveness, focus on quality of revenue and higher growth segments.

The Board will consider the proposal in detail before making a final decision.

Shares of ABB India Limited was last trading in BSE at Rs.1651.7 as compared to the previous close of Rs. 1670.4. The total number of shares traded during the day was 8039 in over 1333 trades.

The stock hit an intraday high of Rs. 1731.45 and intraday low of 1646. The net turnover during the day was Rs. 13479501.

Source : Equity Bulls

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