Held on 17 December 2020
The Board of ABB India at its meeting held on 17 December 2020 were provided with an overview of the status of certain open legacy projects in Conventional Power Generation segment of Company's Energy Industries Division belonging to Industrial Automation Business Area. The Board noted the status of these projects and the Management's assessment of estimated financial exposure which would have impact on the Company's financial performance for the current Financial Year 2020.From the prudence point of view and also ensuring transparent reporting of the financials for the current quarter of the Financial Year, the Board approved the Management's proposal to make a onetime consolidated provision to the extent of around Rs.79 crore, during the current Financial Year 2020. The above is based on the strategic decision in the current quarter to ramp-down and de-risk the exposure of the aforesaid segment.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU