Bengaluru (Karnataka): Power and automation technology major ABB India said on Monday its board of directors has approved the proposal to sell the company's solar inverter business to Marici Solar India for Rs 100.6 crore.
The business transfer will be effective from April 1, it said in a statement. Marici Solar India is the whole-owned Indian subsidiary of Italy-based Fimer SpA.
For the financial year 2019, ABB India's solar inverter business had a turnover of Rs 664 crore, about 9 per cent of the total turnover.
ABB is a leader in electrification, industrial automation, motion, and robotics and discrete automation.