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Engineering major Thermax on Tuesday announced entering into a definitive agreement with Germany-based Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd.
Thermax currently owns 51 per cent in the joint venture, it said in the filing to stock exchanges.
After the transfer of the shares, Thermax SPX will become a wholly-owned arm of Thermax. The company did not disclose the deal value.
In the quarter ended December 2018, Thermax had reported revenue growth of 28.6 per cent in the year-on-year period to Rs 1,437 crore. The net profit was Rs 155 crore, up 165 per cent from Rs 78 crore in October to December 2017.
As on December 31, 2018, the Thermax Group had an order balance of Rs 6,475 crore.
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