ABB India Limited announced that the Board of Directors of the Company have approved the proposal to incorporate a wholly owned subsidiary and to divest/sell its turbocharger business in the Process Automation business segment ("Turbocharger Business") as a going concern, on a slump sale basis to its wholly owned subsidiary for a consideration of INR 3,100 million ("Slump Sale"). In this connection, the company would now like to inform that: (i) the Company, as on January 31, 2022, completed the incorporation of its wholly owned subsidiary, i.e., Turbocharging Industries and Services India Private Limited; and (ii) the Company, as on March 1, 2022 completed the sale of the Turbocharger Business to Turbocharging Industries and Services India Private Limited.
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