CCI approves Hitachi’s stake-buy in ABB’s power grid arm
New Delhi: Competition Commission of India (CCI) on Tuesday said it has approved acquisition of 80.1 per cent stake in ABB Management Holding AG by Hitachi LtdNSE 2.17 %. The proposed combination envisages acquisition of 80.1 per cent share capital of ABB Management Holding AG by Hitachi from ABB Ltd. ABB Management will hold the entire power grid business of ABB, CCI said in a release.
In December 2018, Swiss power major ABB Group had said the Japan-based Hitachi will buy an 80.1 per cent stake in its power grids arm in a deal that values its grid business at USD 11 billion (Rs 78,763 crore).
