ABB India to sell solar inverter business to Italian company
In a special meeting held by the Board of Directors of ABB India Limited, the agenda was to consider the proposal for sale of the company’s solar inverter business.
The Board has granted in-principle approval for the sale of company’s solar inverter business to an Italian Company, FIMER S.p.A. It has authorised the management of the company to take all the required steps which include the appointment of advisors and valuers.
The Board's decision is in line with ABB Group’s strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on the quality of revenue and higher growth segments. The Board will consider the proposal in detail before making a final decision and the company has informed that it will make appropriate disclosures to the stock exchanges once the board has taken a final decision in this regard.
On Wednesday, the stock of ABB opened at Rs. 1,533.05 per share. During the day, it slipped by 3.5 per cent making intraday low of Rs. 1,485.90. Over the last week, the stock has corrected by 10.5 per cent from Rs. 1661.15 levels.