ABB plans India consolidation
ABB has decided to consolidate its interest in the power business in India under one holding entity. After the consolidation, the interests will be transferred to a joint venture formed by the global merger of the power businesses of ABB and Alstom.
The group`s entire holdings in companies like ABB ABL (formerly ACC Babcock Ltd), routed through different subsidiaries, are being transferred to the new entity. Elsag Bailey Finance & Technology, an ABB group company in the Netherlands, has been identified for consolidation of these ABB interests for eventual transfer to the joint venture.
The power interests in India include the boiler business of ABB ABL and equity in three major power projects.