ABB India Ltd Share Price – NSE /  BSE

Capital Goods - Electrical Equipment, Mid Cap

ABB India announced the launch of ABB-free@home® in India, a Smart Home automation system with enhanced interoperability. This cutting-edge and comprehensive wireless home automation solution is designed to enhance comfort, security, and energy efficiency for the residential segment. It allows users to integrate and control additional elements such as white good appliances, third party devices as well as EV chargers, through a single interface.

The ABB-free@home® system includes a Matter Bridge Add-on. Matter is an emerging, open-source connectivity standard for smart homes, allowing for seamless cross-functionality with a wide variety of smart devices. This allows users to expand and customize their smart home setups by integrating various devices and appliances as part of a unique ecosystem.

ABB-free@home® can be integrated with platforms like Apple HomeKit, Google Home, Amazon Alexa, and Samsung SmartThings. Designed to be user-friendly, this intuitive system is also compatible with household appliances and sound systems from brands like Philips Hue, LEDVANCE, Sonoro, Miele, HomeConnect, Faber, CoolAutomation, Sonos, making it even more versatile and convenient for users.

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ABB has surpassed a 10-gigawatt (GW) milestone in delivering its automation solution for renewable energy plants in India. Starting with a 100-MW project about seven years ago, ABB has strengthened its footprint in the renewable energy industry with this milestone, which is a result of over 300 renewable energy projects across India utilizing ABB's IoT-based PLC solution.

ABB's PLC-based SCADA (supervisory control and data acquisition) system is an automation control solution, which helps gather and analyze real-time data to run the plant optimally and enable low maintenance. With this, operators are also able to easily monitor and analyze key parameters of the plant and get complete visibility of plant operations. Delivered as part of ABB's Drive Products offering, the utility-scale SCADA solution helps reduce the cost and risk of investment in operating renewable energy plants.

As energy demand continues to grow in India, the country is rapidly increasing its share of renewable energy to reduce reliance on fossil fuels in line with its target of achieving net-zero carbon emissions by 2070. The country aims to reach 500 GW of installed electricity capacity from non-fossil fuel sources by 2030. As renewable energy plants can achieve carbon reduction of over 24 million tons per year on an average, the ABB solution is playing a key role in catalyzing the country's energy transition with renewables, in line with its purpose to enable low-carbon societies.

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The Board of ABB India at its meeting held on 08 August 2024 has approved the proposal to secure on lease approximately 6.41 acres of industrial land with warm shell factory, offices and other infrastructures, situated at Yentaganahalli Village Panchayath, Nelamangala Block, Bengaluru Rural District, Bengaluru (Premises) in line with the Company's overall growth and investment strategy.

Additionally, the Board has granted in-Principle approval for an investment of up to Rs 85 crore to expand, inter alia, the Company's operations in Process Automation and Electrification business areas at the aforementioned Premises.

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ABB India has fixed 23 August 2024 as record date for interim dividend of Rs 10.66 per share for FY 2024. The dividend will be paid on or before 05 September 2024.

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