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ABB India concludes sale of Dodge biz for Rs 44.58 cr

Capital Market 

ABB India completed the divestment of its mechanical power transmission division (Dodge business) as a going concern on a slump sale basis to RBC Bearings Incorporated and/or its affiliates/subsidiaries for Rs 44.58 crore.

As on 1 December 2021, ABB India completed the sale of the Dodge business to Dodge Industrial India, an affiliate of RBC Bearings Incorporated (Dodge India) for a total consideration of Rs 44.58 crore.

The Dodge business had a turnover of Rs 30 crore which was approximately 0.51% of the total turnover of ABB India for the financial year ended on 31 December 2020 and its contribution to the net worth of the company, for the financial year ended on 31 December 2020, was less than Rs 1 crore.

RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and components. RBC Bearings Incorporated is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The company is headquartered in Oxford, Connecticut, USA.

ABB India's net profit jumped 48.5% to Rs 119.92 crore on a 10.2% surge in net sales to Rs 1,762.98 crore in Q3 September 2021 over Q3 September 2020.

Shares of ABB India lost 0.02% to Rs 2,112.90 on BSE. ABB India is engaged in power and automation business in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, December 03 2021. 09:18 IST