ABB Ltd, the Indian arm of the Swiss-Swedish multinational corporation ABB Group, has said that it is acquiring 100 per cent stake in Pune-based Baldor Electric India Pvt Ltd for Rs 35.7 crore. The deal includes acquisition of the stake, acquired from Baldor Holdings Inc. and Baldor Electric Switzerland AG, both of which were taken over by the ABB Group earlier this year.
The $31.6 billion ABB Group, which operates mainly in power and automation technology space, had acquired Baldor’s USA parent in a $4.2 billion all-cash transaction. Baldor provides sales and service assistance to its customers, including support for electric motors, power transmission products, drives, generators and other accessories.
The share price of ABB Ltd closed on Tuesday at Rs 805.85 on the BSE, down 0.14 per cent.
ABB Ltd has also posted its June quarter results on Tuesday, reporting 17 per cent increase in revenues to Rs 1,693 crore, with net profit up 1 per cent at Rs 38.7 crore.