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Thermax enters into definitive agreements to acquire 35.83% stake in Exactspace
Feb-28-2026

Thermax has entered into a Share Subscription and Share Purchase Agreement and a Shareholders’ Agreement (collectively, the Definitive Agreements) with Exactspace Technologies (Exactspace) and its Promoters and existing investors to acquire 35.83% stake (on a fully diluted basis) in Exactspace. 

Currently, the company holds 15.17% of the share capital in Exactspace, and is an Associate Company. Upon completion of the aforesaid transaction, the company’s shareholding will increase to 51% (on a fully diluted basis), resulting in Exactspace becoming a Subsidiary of the Company. The Definitive Agreements further provide a right to the company to acquire the balance 49% stake after a period of 3 years, subject to terms and conditions mentioned therein. 

The proposed acquisition of Exactspace will enable the company to deliver end to end asset support and strengthen its service offerings. Exactspace’s solutions will cover Artificial intelligence based predictive asset maintenance, process optimization for customers, asset efficiency improvement in uptime and longevity, and analytics-driven failure analysis.

Thermax is an engineering company providing sustainable solutions in energy and environment.


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