Acquisitions27 Feb 2026, 10:05 pm
Thermax to Acquire 51% Stake in Exactspace Technologies for Rs. 30.48 Crores
AI Summary
Thermax Limited has entered into a Share Subscription and Share Purchase Agreement and a Shareholders’ Agreement with Exactspace Technologies Private Limited to acquire a 35.83% stake in Exactspace. Upon completion of the transaction, the Company’s shareholding will increase to 51%, resulting in Exactspace becoming a Subsidiary of the Company. The agreement also provides a right to the Company to acquire the balance 49% stake after a period of 3 years. The acquisition is expected to enable Thermax to deliver end-to-end asset support and strengthen its service offerings.
Key Highlights
- Thermax to acquire 51% stake in Exactspace Technologies for Rs. 30.48 crores
- Exactspace is an Associate Company of Thermax with a 15.17% shareholding
- Exactspace specializes in developing Artificial Intelligence based Industrial Internet of Things solutions for manufacturing customers of Thermax
- The acquisition is expected to strengthen Thermax's service offerings and enable end-to-end asset support
- The agreement also provides a right to Thermax to acquire the balance 49% stake after a period of 3 years