ABB offloads Neyveli power station stake

ABB, the world's largest builder of electricity networks, has sold its stake in power stations in Morocco and India for $490 million as part of a strategy to concentrate on its main businesses of manufacturing and services.

The deal includes 50% of the Jorf Lasfar coal-fired power plant, located, southwest of Casablanca, and another 50% holding in the Neyveli lignite-fuelled power station in Tamil Nadu.

The assets, bought by Taqa, the Abu Dhabi National Energy Co, were part of ABB's Equity Ventures unit, the Swiss company said today.