ABB, the Swiss engineering group said on Monday that it is planning to increase stake in its Indian unit.

The recent reports state that the company is going to offer the shareholders in India, Rs. 999 per share for increasing its stake. Its plans are that the total equity of ABB becomes 75 per cent in Indian company, marking an increase of 52 per cent over its existing figures.

The aim, said the company which is primarily into the business of power and automation technology, is to go for more developments in India. Since these are long-term decisions, it is better if the company has decision making authority.

For being able to do that ABB will have to shell out close to Rs. 44 billion.

This is not one of a kind step taken by the Swiss firm. Just a few days back it decided to buy US software company, Ventyx. The deal costed it $1 billion.

The idea behind this acquisition was that ABB wanted to enter into the fast-growing renewable energy market.

First of all, it wants to get into the network management of the sector and then move over to other areas.