Stock exchanges nod to ABB India restructuring move

The BSE and the National Stock Exchange of India have issued no-objection letter for the draft scheme of arrangement between ABB lndia and ABB Power Products and Systems India. Earlier, the board of the Swedish multinational had approved the demerger of its domestic power-grid unit and its merger into its newly incorporated wholly-owned subsidiary, ABB Power Products and Systems India (APPSIL). ABB India expects the demerger to be completed by June 2020. Shares of ABB India slipped 0.4 per cent at ₹1,587.90 on the NSE.