Thermax to buy stake of JV partners in Thermax SPX Energy Technologies

Thermax said Monday that its has inked a pact with its joint venture partners Mutares Holding-24 and Balcke-Duerr to acquire their stake in Thermax SPX Energy Technologies, which would become its 100 per cent subsidiary after the transaction.

"The company has entered into definitive agreement with MUTARES HOLDING-24 AG, Germany, and BALCKE-DUERR GmbH, Germany, JV partners of Thermax SPX Energy Technologies Limited (TSPX), to acquire their shareholding in the TSPX, a JV and subsidiary company in India. Post transfer of shares, TSPX will become the wholly owned subsidiary of the company," a BSE filing said.