Mumbai (Maharashtra) [India], Apr 12 (ANI): Engineering major Thermax on Friday said it has inked definitive agreements with German firms Balcke-Duerr GmbH and Mutares Holding-24 AG to buy their shares in its joint venture Thermax SPX Energy Technologies Ltd.
Thermax had 51 per cent stake in Thermax SPX Energy Technologies with Balcke-Duerr holding 26 per cent and Mutares Holding-24 having the remaining 23 per cent. "Subsequent to the acquisition, TSPX has now become a wholly-owned subsidiary of Thermax Ltd," it informed stock exchanges in regulatory filings.
Thermax is anticipating a rise in demand for captive power plants over the next four to five years as investments in large power projects are plummeting and utilities are unable to garner reliable supplies.
So industries like food processing, pharmaceuticals, textiles and automobiles are focusing on improving their capacities and planning to generate their own power, instead of depending on the unreliable grid infrastructure.
Thermax Group is a 750 million dollar engineering company based in Pune with presence across 86 countries with 27 international offices and 14 manufacturing facilities. The group also contains seven wholly-owned subsidiaries in India and 21 overseas.
Its efficient and eco-friendly technologies provide B2B partnerships to respond to the challenge of delivering products and services while guaranteeing margins and protecting the environment.