Thermax buys out entire stake of JV partners in TSPX

NEW DELHI: Engineering firm Thermax Ltd Friday said it has acquired the entire stake of its joint venture partners in Thermax SPX Energy Technologies.

"On April 11, 2019, the company acquired the entire stake held by the joint venture partners, namely MUTARES HOLDING-24 AG, Germany and BALCKE-DUERR GmbH, Germany," a BSE filing said.

Thermax SPX Energy Technologies Ltd (TSPX) was a joint venture between Thermax Ltd (51 per cent), MUTARES HOLDING 24-AG, Germany (23%) and BALCKE-DUERR GmbH, Germany (26 per cent).


Earlier, Thermax had informed the BSE that it would acquire the stake held by its joint venture partners in TSPX. Subsequent to the acquisition, TSPX has now become a wholly owned subsidiary of Thermax.