ABB India was down 0.66% at Rs 847.50 after the company listed its arm ABB Power Products and Systems on BSE & NSE.
The Indian arm of ABB's Power Grids business, a global leader in power technologies, formally announced its listing on the BSE and the National Stock Exchange of India (NSE) on Monday (30 March 2020), as ABB Power Products and Systems India. The company had demerged from ABB India with effect from 1 December 2020, to become a standalone legal entity.For the period of April to December 2019, the business had a total revenue of Rs 3,231 crore, with a profit before exceptional items and tax of Rs 261 crore (PBT at Rs 221 crore).
Shares of ABB Power Products and Systems India were trading at Rs 714 on the BSE. The counter clocked volumes of 19,000 shares.
Commenting on the listing, N. Venu, Country Managing Director of ABB Power Grids said, "This is a key milestone for us. We have been active in India for over six decades, serving the country as well as global markets. We have an extensive country-wide presence with around 4,500 dedicated employees across five manufacturing sites, 12 branch offices and R&D center on the subcontinent, and our listing on the Indian stock exchanges is a sign of our commitment to continue delivering value for our customers and shareholders. We have made a major contribution in supporting India's power infrastructure development and remain committed to shaping the future of sustainable energy, with pioneering technologies, as the partner of choice for enabling a stronger, smarter and greener grid."
ABB Power Grids is a global leader and pioneer in power technologies. We create value for customers across the energy, industrial, transportation and infrastructure sectors, delivering an extensive range of digitally advanced solutions. Active in more than 90 countries, our experts contribute deep insight that enhances reliability, efficiency and safety. Together, we are committed to shaping the future of sustainable energy for generations to come, as the partner of choice for a stronger, smarter and greener grid.
ABB is a technology leader that is driving the digital transformation of industries. With a history of innovation spanning more than 130 years, ABB has four customer-focused, globally leading businesses: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation, supported by the ABB Ability digital platform. ABB's Power Grids business will be divested to Hitachi in 2020. ABB operates in more than 100 countries with about 144,000 employees.
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