ABB India has completed the sale of its mechanical power transmission division to Dodge Industrial India for a consideration of Rs 44.58 crore.
Dodge Industrial India is an affiliate of RBC Bearings Incorporated.
In July 2021, 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.
The business transfer agreement was entered into on 1 December 2021 and the sale of the Dodge Business was completed the same day.