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22/12/2021 13:54

ABB India to incorporate wholly owned subsidiary to operate its turbocharger biz

The Board of ABB India at its meeting held on 21 December 2021 approved the following with respect to the proposal to divest/sell its turbocharger business in the Process Automation business segment.

1 . Incorporation of a wholly owned subsidiary; and

2. Sale of the company's turbocharger business as a going concern, on a slump sale basis to its wholly owned subsidiary for a consideration of Rs 310 crore (slump sale). The slump sale will be consummated by end of February, 2022.

The wholly owned subsidiary is being incorporated to acquire and hold the turbocharger business of the company.