Bengaluru (Karnataka) [India], Mar 30 : The Indian arm of ABB's power grid business on Monday formally announced its listing on the BSE Ltd and the National Stock Exchange (NSE) of India Ltd as ABB Power Products and Systems India Ltd.
The company had demerged from ABB India Ltd with effect from December 1, 2020 to become a standalone legal entity.
"This is a key milestone for us," said N Venu, Country Managing Director of ABB's power grid business in India. "We have been active in India for over six decades, serving the country as well as global markets."
The company has about 4,500 employees across five manufacturing sites, 12 branch offices and R&D centre on the subcontinent.
"Our listing on the Indian stock exchanges is a sign of our commitment to continue delivering value for our customers and shareholders," said Venu.
"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 total revenue of Rs 3,231 crore with a profit before exceptional items and tax of Rs 261 crore.
ABB Power Products and Systems India Ltd is the standalone legal entity of ABB's power grid business in the country.
( With inputs from ANI )