Comments
ABB Ltd will pay Rs 400 crore to acquire the operating businesses of ABS Global Industries and Services Ltd, a wholly owned subsidiary of its Swedish parent. According to a company filing on the Bombay Stock Exchange, its board of directors approved the proposal at the meeting held on Friday.
The businesses to be acquired include transformer insulation — boards and components, low-voltage breakers and switches and vacuum interrupters.
The announcement said the businesses will be acquired as a slump sale on a going-concern basis. The effective date of the acquisition is fixed as April 1, this year.
“This acquisition has been made to have business synergies,” the announcement said. The new businesses are expected to generate additional revenue of about Rs 250 crore on a full-year basis, it added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.