ABB India Limited announced that the company has received two separate orders from the Office of the Additional Director General of Foreign Trade, Bangalore. These orders impose a penalty of INR 10,000 each for contravening the provisions of Section (3) of the Foreign Trade (Development and Regulation) Act, 1992 for inadvertent multiple use of same shipping bills during the years 2011-2013 towards the specific export obligation and the average export obligation in relation to Export Promotion Capital Goods (EPCG) licenses obtained by the Company for its erstwhile Power Grids (PG) business. These EPCG licenses were pertaining to PG business which was divested by the Company to Hitachi Energy India Limited ("Hitachi"), pursuant to the order of the Hon'ble National Company Law Tribunal dated November 27, 2019.

However, these licenses continue to be in the name of the Company till date, in the records of Licensing Authority. Hitachi has been carrying out all requisite activities under these licenses including fulfilment of obligations stipulated under the terms and conditions of the licenses. Accordingly, Hitachi has paid the said Penalties.

Since, the penalty orders still attribute the Company's name, these disclosures are being made to the Stock Exchanges. The company received two Orders, all dated May 9, 2024 from the Office of the Additional Director General of Foreign Trade on the same day.