Power and automation technologies major ABB today said its board has approved a proposal to acquire the operating business of ABS Global Industries and Services (ABBGISL), a wholly owned Indian subsidiary of the Zurich-based ABB Group, for Rs 400 crore.
The transaction will be done as a slump sale on a going concern basis, ABB said, adding that the acquisition of operating business of ABBGISL has been made to have business synergies.
The deal will include acquisition of transformer insulation division including boards and components, LV breakers and switches and vacuum interrupters which all together is expected to generate additional revenue of Rs 250 crore on a full year basis, ABB said in a statement to the BSE.