ABB India announced on Thursday that its mechanical power transmission segment has been sold to Dodge Industrial India Pvt Ltd for Rs 44.58 crore.
RBC Bearings Incorporated’s Dodge Industrial India is a subsidiary of RBC Bearings Incorporated.
According to a BSE filing, the ABB board of directors authorized a proposal in July this year to divest/sell its mechanical power transmission division (Dodge Business) as a continuing concern on a slump sale basis to RBC Bearings Incorporated and/or its affiliates/subsidiaries.
The business transfer agreement was signed on December 1, 2021, and the sale of the Dodge Business was finalized the same day, according to the document.
It went on to say that the amount received was 44,58,00,000.
