ABB India said that the board on Friday (11 June 2021) has granted in-principle approval for divestment/sale of company's turbocharger and dodge mechanical power transmission businesses.
The turbocharger business is a part of the process automation business segment and the dodge mechanical power transmission business is a part of the motion business segment.
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, ABB India said in an exchange filing.
The scrip is currently trading 0.33% lower at Rs 1,645.30 on the BSE. In the past six months, the stock has zoomed 42.23% while the benchmark Sensex has added 13.45% during the same period.
ABB India is engaged in power and automation business in India.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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