The board of ABB Ltd in India has
cleared a proposal for acquiring the
operating businesses of ABS Global
Industries & Services, a wholly-owned
subsidiary of Swiss engineering giant ABB
Group, for
400 crore.
The acquisition, to be done as a slump
sale on a going concern basis, will help
bring about business synergies and could
generate additional revenue of about
250
crore for the company annually, ABB said
on Friday. ABB is a provider of power and
automation technologies. The effective
date of acquisition has been fixed as April
1, 2011. The deal entails acquisition of the
transformer insulation division, including
boards and components, LV breakers and
switches and vacuum interrupters.
A slump sale is a deal involving
contractual transfer or disposal of
business undertakings or assets of a firm.