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The Indian arm of ABB’s Power Grids business, a global leader in power technologies, formally announced its listing on the BSE Limited (formerly known as Bombay Stock Exchange) and the National Stock Exchange of India Limited on March 30, 2020, as ABB Power Products and Systems India Limited. The company had demerged from ABB India Ltd. with effect from December 1, 2019, to become a standalone legal entity.
“This is a key milestone for us,” said N. Venu, Country Managing Director of ABB Power Grids in India. “We have been active in India for over six decades, serving the country as well as global markets. We have an extensive country-wide presence with around 4,500 dedicated employees across five manufacturing sites, 12 branch offices and R&D center on the subcontinent, and our listing on the Indian stock exchanges is a sign of our commitment to continue delivering value for our customers and shareholders. We have made a major contribution in supporting India’s power infrastructure development and remain committed to shaping the future of sustainable energy, with pioneering technologies, as the partner of choice for enabling a stronger, smarter and greener grid.”
For the period of April to December 2019, the business had a total revenue of Rs. 3,231 crore, with a profit before exceptional items and tax of Rs. 261 crore (PBT at Rs.221 crore).
ABB Power Products and Systems India Limited is the standalone legal entity of ABB’s Power Grids business in India.
ABB Power Grids is a global leader and pioneer in power technologies. We create value for customers across the energy, industrial, transportation and infrastructure sectors, delivering an extensive range of digitally advanced solutions. Active in more than 90 countries, our experts contribute deep insight that enhances reliability, efficiency and safety. Together, we are committed to shaping the future of sustainable energy for generations to come, as the partner of choice for a stronger, smarter and greener grid. www.abb.com/grid
ABB (ABBN: SIX Swiss Ex) is a technology leader that is driving the digital transformation of industries. With a history of innovation spanning more than 130 years, ABB has four customer-focused, globally leading businesses: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation, supported by the ABB Ability™ digital platform. ABB’s Power Grids business will be divested to Hitachi in 2020. ABB operates in more than 100 countries with about 144,000 employees.
Notes to Editor
- ABB is constantly monitoring the development of the situation around the pandemic of the novel coronavirus disease (COVID-19) and is following applicable national health services regulations and WHO guidance to contain the spread of the novel coronavirus. The health and safety of our employees, customers and partners remain our number one priority and we are working hard to make sure that we minimize risks related to the spread of COVID-19. ABB Power Grids’ Customer Connect Center is open 24/7 to provide support to our customers and employees. Webpage: https://new.abb.com/grid/customer-connect
- The divestment of ABB’s Power Grids global business to Japan’s Hitachi is on track with completion targeted for the end of the second quarter 2020.