The board of directors of ABB India on Monday approved a proposal to sell the solar inverter business as a going concern on slump sale basis to Marici Solar India Private Limited, a wholly-owned Indian subsidiary of Italian company FIMER S.p.A, for ₹100.6 crore.
The business transfer will be effective April 1, 2020, it said, and added the deal is likely to be completed in ‘due course’ as per the Business Transfer Agreement. For FY-2019, the arm had contributed 9 per cent to its total turnover.