ABB has won its largest traction equipment order in India, worth more than INR 270 crore to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), in Varanasi. The converters are custom designed for Indian Railways and will be manufactured at one of ABB's largest factories for locomotive applications in Nelamangala, near Bengaluru, in Southern India.
ABB's traction solution is based on the latest technology to bring more reliable trains to passengers, while increasing sustainable transport use by moving from diesel trains to electric. This helps rail operators to achieve significant operational improvements.
"We are delighted to be contributing to the electrification of India's rail network with ABB's locally manufactured solutions," said ABB CEO Ulrich Spiesshofer. "By adopting advanced technologies, India is achieving rapid improvements in growth and productivity and shaping its economy for the era of digitalization."
"We are privileged to work with DLW and Indian Railways on the electrification of the domestic rail network in India - the fourth largest rail network in the world," said Sanjeev Sharma, Managing Director, ABB India. "This order will help to improve rail efficiency, so that passengers travelling in India will reach their destination on time and in comfort."
Today, ABB traction equipment successfully drives more than 250 electric locomotives operated by Indian Railways for both passenger and freight services. In India, more than 20 percent of three-phase electric locomotives are equipped with traction converters from ABB. Last year, the Indian government approved plans to fully electrify the Indian Railways by 2022.
Shares of ABB India Limited was last trading in BSE at Rs.1232.15 as compared to the previous close of Rs. 1245.65. The total number of shares traded during the day was 4482 in over 328 trades.
The stock hit an intraday high of Rs. 1248 and intraday low of 1228.3. The net turnover during the day was Rs. 5550080.