Held on 17 December 2020
The Board of ABB India at its meeting held on 17 December 2020 were provided with an overview of the status of certain open legacy projects in Conventional Power Generation segment of Company's Energy Industries Division belonging to Industrial Automation Business Area. The Board noted the status of these projects and the Management's assessment of estimated financial exposure which would have impact on the Company's financial performance for the current Financial Year 2020.From the prudence point of view and also ensuring transparent reporting of the financials for the current quarter of the Financial Year, the Board approved the Management's proposal to make a onetime consolidated provision to the extent of around Rs.79 crore, during the current Financial Year 2020. The above is based on the strategic decision in the current quarter to ramp-down and de-risk the exposure of the aforesaid segment.
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