ABB India completes the sale of its Dodge business for a consideration of Rs 44.58 crores.
- ByStartupStory | December 3, 2021
Engineering Services Company, ABB India made a statement that it has completed the sale of its mechanical power transmission division to Dodge Industrial India Pvt. Ltd for a sum of Rs 44.58 crores. According to reports,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.
According to a BSE filing, ABB board had approved a proposal to divest/sell 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 in July of this year.
ABB India completed the sale of the Dodge business to Dodge Industrial India, an affiliate of RBC Bearings Incorporated (Dodge India) on December 1st of 2021.
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