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Thermax Limited. ( (IN:THERMAX) ) has shared an announcement.
Thermax Limited will raise its stake in Exactspace Technologies Private Limited, an IT firm developing artificial intelligence-based Industrial Internet of Things solutions for Thermax’s manufacturing customers, from 15.17% to 51% on a fully diluted basis, converting Exactspace from an associate into a subsidiary. The transaction, structured as a cash acquisition executed through definitive share subscription, purchase and shareholder agreements, positions Thermax to offer end-to-end asset support, including predictive maintenance, process optimization, asset efficiency improvements and analytics-driven failure analysis, with an option to acquire the remaining 49% stake after three years, signaling a strategic push into AI-enabled service offerings and digitalization for its installed base.
Thermax has classified the deal as a related-party transaction, though its promoter group has no interest in the target, and no regulatory approvals are required to close the initial 51% acquisition, which remains subject to customary conditions precedent. By integrating Exactspace’s AI and analytics capabilities into its solutions, Thermax aims to deepen its service-led revenue streams, enhance operational outcomes for customers and strengthen its competitive position as industrial clients accelerate adoption of connected, data-driven asset management platforms.
More about Thermax Limited.
Thermax Limited is an energy and environment solutions company serving industrial and commercial customers with technologies for heating, cooling, power generation and resource efficiency. The group increasingly integrates digital and Industrial Internet of Things capabilities into its offerings to optimize plant performance for manufacturing clients.
Average Trading Volume: 6,006
Technical Sentiment Signal: Buy
Current Market Cap: 374.8B INR
See more insights into THERMAX stock on TipRanks’ Stock Analysis page.