Thermax Completes Acquisition of TSA Process Equipments, Now Wholly Owned

Thermax Limited has successfully acquired the remaining 49% share capital of TSA Process Equipments Private Limited, making it a wholly owned subsidiary. The acquisition was completed on September 30, 2026. TSA Process Equipments is engaged in developing, designing, and supplying turn-key solutions for water treatment needs. For FY 2025-26, TSA reported a turnover of ₹166.99 Cr, PAT of ₹6.65 Cr, and net worth of ₹44.99 Cr as of March 31, 2026. The acquisition involved a cash consideration of ₹42 Crores. This transaction is classified as a related party transaction but conducted on an arm's length basis.