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Bengaluru: ABB India, major in power and automation technology, announced on Monday that its board of directors has approved the proposal to sell the company’s solar inverter business to Marici Solar India for Rs.100.6 billion.
The business transfer will take effect April 1, a statement said. Marici Solar India is the entire Indian subsidiary of Italy-based Fimer SpA.
For the 2019 fiscal year, ABB India’s solar inverter business had sales of Rs 664 billion, which is about 9 percent of total sales.
ABB is a leader in electrification, industrial automation, motion and robotics, and discrete automation.
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