Mumbai: Thermax has moved swiftly to close its investment in Exactspace Technologies, converting a previously announced deal into a controlling stake and bringing the company firmly under its fold.
Thermax confirmed completion of its acquisition of a 35.83 percent stake in Exactspace Technologies Private Limited, taking its overall shareholding to 51 percent on a fully diluted basis. The transaction was executed on April 9, 2026, at 5:43 p.m. IST, marking the formal closure of agreements first announced in February 2026. This step transitions Exactspace into a subsidiary of Thermax.
With the increase in ownership, Exactspace now becomes a subsidiary, giving Thermax majority control over its operations and strategic direction. The acquisition was carried out through share subscription and share purchase agreements signed with the company’s promoters and existing investors. This structure enabled Thermax to consolidate its stake while aligning interests with existing shareholders.
The move signals Thermax’s intent to deepen its presence in technology-led solutions. By integrating Exactspace into its portfolio, the company is likely aiming to enhance its capabilities in digital and engineering domains. Majority ownership provides Thermax with greater flexibility in driving business decisions and leveraging Exactspace’s offerings within its broader operations.
The transaction reflects a broader approach to growth through targeted acquisitions. By converting its investment into a controlling stake, Thermax positions itself to integrate Exactspace more closely into its business ecosystem. This could enable synergies across product development, customer engagement, and service delivery, while supporting long-term expansion plans.
Thermax’s acquisition of a controlling stake in Exactspace marks a decisive step in its strategic roadmap, reinforcing its focus on expanding capabilities through partnerships and ownership consolidation.
Disclaimer: This article is based solely on the company’s official regulatory filing and may contain forward-looking statements subject to risks and uncertainties.
