ABB India on Thursday said it has completed the sale of its mechanical power transmission division to Dodge Industrial India Pvt Ltd for a consideration of Rs 44.58 crore. Dodge Industrial India is an affiliate of RBC Bearings Incorporated.
In July this year, 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, a BSE filing said.
As per the filing, the business transfer agreement was entered into on December 1, 2021 and the sale of the Dodge Business was completed the same day.
The consideration received is Rs 44,58,00,000, it added.
Source: Economic Times