NEW DELHI: After exiting its power grid business globally, the Indian arm of ABB Limited will now hive off its domestic business, which contributes about 40 per cent to its revenue.
The board of the Swedish multinational had, on February 13, approved the demerger of its domestic power-grid unit from its other businesses.
At another meeting held on March 5, the company said that its discontinued business would be demerged to its newly incorporated wholly-owned subsidiary, ABB Power Products and Systems India Limited (APPSIL), pursuant to a scheme of arrangement. The board of the new entity approved the scheme on the same day. ABB India expects the demerger to be completed by June 2020.
