Thermax completes acquisition of TSPX

Leading capital good company Thermax informed the bourses that it has acquired the entire stake in its joint venture SPX Energy Technologies Limited (TSPX) on Thursday from partners namely Mutares Holding-24 AG, Germany and Balcke-Dürr GmbH, Germany. The Thermax had a 51 per cent stake in this joint venture and rest was between Mutares Holding-24 AG Germany (23 per cent) and Balcke-Dürr GmbH Germany (26 per cent).

The company had informed earlier that it would acquire stake held by its joint venture partners in TSPX. Post this acquisition, TSPX has now become a wholly-owned subsidiary of Thermax.

In the third quarter of FY19, Thermax demerged the Boiler and Heater segment and merged it with TBW, 100 per cent subsidiary of Thermax Group to drive synergies and access to technology. Besides, the company’s overall order book in Q3FY19 increased by 17 per cent yoy to Rs. 6,475 crore translating book-to-bill of around 1.2x on TTM revenue.

On Friday, the stock of Thermax opened at Rs. 984.1 apiece and touched an intra-day high of Rs. 990 in the early morning trading session. The stock at 11:51 hours was trading flat at Rs. 984.2 apiece as compared to its previous close of Rs. 985.15.