News Details

ABB India Sells Solar Inverter Business To Marici Solar India For Around Rs 100 Crore

  • ABB India’s solar inverter business had a turnover of Rs 664 crore for the financial year 2019
  • Marici Solar India is an Indian subsidiary of the Italy-based Fimer SpA

ABB India has said that its board has approved the sale of its solar inverter business on slump sale basis to Marici Solar India. The valuation for this deal stood at Rs 100.6 crore. Marici Solar India is an Indian subsidiary of the Italy-based Fimer SpA.

On ninth July last year, the company’s board had granted in-principle approval for the sale of the company’s solar inverter business to Fimer SpA. The business transfer will come to effect from first April 2020 as per the company. ABB India deals in the power and automation business in India.

Turnover of Rs 664 crore

ABB India’s solar inverter business had a turnover of Rs 664 crore for the financial year 2019. This accounted for about nine per cent of the total turnover.

Recently, Ashok Leyland and ABB Power Products have teamed up to develop a pilot electric bus that will work on flash-charge technology. This technology will allow the charging of the battery within seconds as per the company.

Source: https://www.electronicsb2b.com/