The Board of Directors of ABB India Ltd at its special meeting held today discussed the proposal for sale of Company's solar inverter business.
Following such discussions, the Board granted in-principle approval for sale of Company's solar inverter business to an Italian Company, FIMER S.p.A. In this regard the Board authorised the management of the Company to take all required steps including appointment of advisors, valuers etc.
The Board's decision is in line with ABB Group's strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments.
The Board will consider the proposal in detail before making a final decision.
Shares of ABB India Limited was last trading in BSE at Rs.1522.85 as compared to the previous close of Rs. 1484.85. The total number of shares traded during the day was 9837 in over 1030 trades.
The stock hit an intraday high of Rs. 1557.7 and intraday low of 1479.3. The net turnover during the day was Rs. 15077661.