Thermax acquires 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 Thursday.
"On April 11, 2019 the company has 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%), MUTARES HOLDING 24-AG, Germany (23%) and BALCKE-DUERR GmbH, Germany (26%).
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 Ltd.