Titan's EBIT from the jewellery business is ten times the EBIT from watches plus eyewear business put together, said Udayan Mukherjee.
Through the acquisition, ABB expands its leadership in industrial automation and will be uniquely positioned to seize growth opportunities resulting from the fourth industrial revolution, ABB said in a statement.
"ABB Group CEO and President Ulrich Spiesshofer met the commerce minister and discussed the importance of Indian market for his company," a source said.
Speaking to CNBC-TV18's Jude Sannith, Ulrich Spiesshofer, Global CEO of ABB said that he is excited about not just contributing to powering India, but also about ABB's India story.
This is part of a larger order (valued Rs 175 crore) awarded to ABB Group, the company said, adding, it was booked in the second quarter of 2015. Gas-insulated switchgear (GIS) will be used to accommodate the expansion of all three existing substations.
Joe Hogan, chief executive officer of ABB Group, in an exclusive interview to CNBC-TV18's Siddharth Zarabi on the Forbes India Show, gives his views on how the India’s infrastructure and power sectors will pan out further and whether the sectors have enough potential to attract foreign companies.