ABB increases majority stake in Chinese EV charging provider

The financial terms of the transaction were not disclosed.

Reuters

January 31, 2022 / 14:10 IST

Source: Reuters

ABB said on Monday it had increased its majority stake in Chinese electric vehicle (EV) charging provider Chargedot to 80 percent from 67 percent.

The financial terms of the transaction were not disclosed.

ABB acquired its previous stake in the charging provider in March 2020.

The other shareholder is Shanghai SAIC Anyo Charging Technology Co, a subsidiary of China's vehicle manufacturer SAIC, which holds a 20 percent stake.

Invite your friends and family to sign up for MC Tech 3, our daily newsletter that breaks down the biggest tech and startup stories of the day

Reuters

first published: Jan 31, 2022 02:05 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347