ABB India approved the proposal to incorporate a wholly owned subsidiary and to divest its turbocharger business in the Process Automation segment as a going concern, on a slump sale basis to its wholly owned arm for Rs 310 crore.
ABB India, as on 31 January 2022, completed the incorporation of its wholly owned subsidiary, i.e., Turbocharging Industries and Services India and, as on 1 March 2022 completed the sale of the Turbocharger Business to Turbocharging Industries and Services India.
The company's net profit jumped 227% to Rs 188.20 crore on a 23.1% surge in net sales to Rs 2,069.93 crore in Q4 December 2021 over Q4 December 2020.
Shares of ABB India rose 0.96% to Rs 2,200 on BSE. ABB India is engaged in power and automation business in India.
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