Hitachi has completed the merger of its joint venture power business unit with ABB Power Grids, known as Power India, a statement said on Wednesday.
The merger follows the completion of the global merger of the energy business vertical of the Swiss major with the Japanese conglomerate. The merged entity is known as Hitachi ABB Power Grids globally.
While Hitachi owns 80.1 per cent stake in the new joint venture which has a combined business of $ 10 billion, ABB holds the balance, the companies said in a joint statement.
Following this, Hitachi will directly be responsible for the management and operation of Power India or ABB Power Products and Systems India which comprises part of Hitachi ABB Power Grids, and is listed on the BSE and NSE (as Power India).
