NEW DELHI :
ABB India Wednesday said its board has given 'in principle' approval to segregate the power grids business from its other businesses.
"The Board of Directors of the Company discussed segregation of the Company’s power grids business from the other businesses conducted by the Company at its meeting held today. Following such discussions, the Board granted in-principle approval for the segregation...," it said in a BSE filing.
Having discussed various options for structuring such segregation, the board determined that a court-approved demerger is the preferred option, it added.
The board authorised the management of the company to take preparatory steps in this regard, including the appointment of advisors and presentation of a detailed proposal for a demerger.
The board will consider the detailed proposal before making a final decision and the company will make appropriate disclosures to the stock exchanges once the board has taken a final decision in this regard, it added.
This story has been published from a wire agency feed without modifications to the text.