Banking News

Thermax to acquire TSA Process Equipments

Thermax Ltd on Tuesday said it has signed an agreement with TSA Process Equipments to acquire 100 per cent stake in the company in multiple tranches. The company also announced the acquisition of 51 per cent of the equity share capital of TSA Process Equipments for Rs 71.14 crore.

It will acquire the remaining 49 per cent over a period of two years, subject to completion of certain conditions, according to a regulatory filing.

On the cost of acquisition, Thermax said, “51 per cent stake will be acquired subject to transaction closing for consideration of Rs 71.14 crore (subject to various transaction adjustments).”

Thermax Group is a leading energy and environment solutions provider.

In a separate statement, Ashish Bhandari, chief executive officer and managing director of Thermax, said, “Our investment in TSA will augment our water division’s capabilities to provide customers with end-to-end solutions for highly purified water, ultra-pure water, and water for injectables in several fast-growing industries.”

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