ABB India on Monday (9 March 2020) said that its board approved the sale of its solar inverter business on slump sale basis to Marici Solar India for value of Rs 100.6 crore.
Marici Solar India is an Indian subsidiary of the Italian company, FIMER S.p.A.
The company's board on 9 July 2019 had granted in-principle approval for sale of company's solar inverter business to the Italian company, FIMER S.p.A. The board's stake sale decision is in line with ABB Group's strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments.
The business transfer will be effective 1 April 2020, the company added.
For the financial year 2019, the solar inverter business had a turnover of Rs 664 crore, which is approximately 9% of the total turnover of the company.
Shares of ABB India were currently down 0.94% at Rs 1116.05. It has traded in the range of Rs 1116 and Rs 1143.65 so far during the day.
ABB India is engaged in power and automation business in India.
The company's standalone net profit slumped 80.5% to Rs 38.66 crore on a 0.6% fall in net sales to Rs 1928.25 crore in Q4 December 2019 over Q4 December 2018.
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