Saturday, May, 25, 2019 08:17:57

Thermax, an Indian engineering company offering energy and environment solutions, has reportedly inked a definitive agreement with German firms Balcke-Duerr GmbH and Mutares Holding-24 AG to buy their shares in its joint venture Thermax SPX Energy Technologies Ltd.

Sources state that the company holds 51 percent in the joint venture and after acquiring the remaining stake, Thermax SPX Energy Technologies will become a fully owned subsidiary of Thermax.

As per Moneycontrol, post Thermax’s agreement to acquire stakes in Thermax SPX Energy Technologies, the company’s shares surged 7 percent. Reportedly, company’s shares had reached its 52-week high of INR 1,247 and 52-week low of INR 878.05 back in 1 March and 11 October 2018 respectively. Thermax is presently trading 13.76 percent above its 52-week low and 19.9 percent below its 52-week high.

According to sources familiar with the knowledge of the matter, Thermax is anticipating a rise in demand for captive power plants over the next 4-5 years as investments in large power projects are plummeting and utilities are unable to garner reliable supplies. Therefore, industries such as food processing, pharmaceuticals, textiles, and automobile are focusing on improving their capacities and planning to generating their own power instead  of depending on the unreliable grid infrastructure.

For the record, Thermax Group is a $750 million engineering company based in Pune, India with presence across 86 countries with 27 international offices and 14 advanced manufacturing facilities. The group also contains7 wholly-owned subsidiaries in India and 21 overseas along with 1 joint venture, cited sources.

Its efficient and eco-friendly technologies provide reliable B2B partnerships to respond to the challenge of delivering premium products and services while guaranteeing margins and protecting the environment. Thermax also provides businesses the competitive edge needed to make a mark through superior offerings and community goodwill, stated sources close to the company.