ABB India Announces New Independent Director and Major Expansion Plans

ABB India Limited has announced significant decisions following its Board of Directors meeting on August 8, 2024. The board approved the appointment of Mr. Shobinder Duggal as an Independent Director and declared an interim dividend. In a major strategic move, ABB India will also lease 6.41 acres of industrial land to expand its operations in Bengaluru.

Key Decisions from ABB India's Latest Board Meeting

Appointment of Shobinder Duggal as Independent Director

ABB India's Board of Directors approved the appointment of Mr. Shobinder Duggal as an Independent Director, effective from November 4, 2024. His appointment will be for a period of three years. Mr. Duggal, a seasoned leader with over four decades of experience in corporate governance, capital markets, and compliance, brings a wealth of expertise to the board.

Profile of Mr. Shobinder Duggal

• Age: 65 years
• Education: Bachelor’s degree in Economics from St. Stephens College, Delhi University; Chartered Accountant
• Experience: Former CFO of Nestlé India Limited, with roles in various multinational corporations
• Current Roles: Board member of SBI Life Insurance, Kirloskar Brothers, PI Industries, and Sanofi Consumer Healthcare India

Interim Dividend Declaration

The Board also declared an interim dividend of ₹10.66 per share, translating to a 533% dividend on equity shares with a face value of ₹2 each. The dividend will be disbursed to shareholders by September 5, 2024.

Strategic Expansion in Bengaluru

ABB India is set to lease 6.41 acres of industrial land in Yentaganahalli Village, Bengaluru, to expand its Process Automation and Electrification business areas. The board has sanctioned an investment of up to ₹85 crore for this expansion, aligning with the company's growth strategy.

Key Points from the Expansion Plan

• Location: Yentaganahalli Village, Nelamangala Block, Bengaluru Rural District
• Investment: ₹85 crore
• Business Areas: Process Automation and Electrification
• Timeline: Details to be disclosed closer to project completion

Conclusion

ABB India’s recent decisions mark a significant step forward in its growth trajectory. The appointment of a seasoned professional like Mr. Shobinder Duggal as an Independent Director, combined with strategic expansions, underscores the company’s commitment to strengthening its market position. Shareholders and investors can expect further updates as these plans unfold.