New Delhi: Engineering firm Thermax Ltd said it has acquired the entire stake of its joint venture partners in Thermax SPX Energy Technologies. “On April 11, 2019 the company has acquired the entire stake held by the joint venture partners namely MUTARES HOLDING-24 AG, Germany and BALCKEDUERR GmbH, Germany,” a BSE filing said. Thermax had 51 pc stake in Thermax SPX Energy Technologies with Balcke-Duerr holding 26 pc and Mutares Holding-24 having the remaining 23 pc.
“Subsequent to the acquisition, TSPX has now become a wholly-owned subsidiary of Thermax Ltd,” it informed. Earlier, Thermax had informed the BSE that it would acquire the stake held by its joint venture partners in TSPX. Thermax is anticipating a rise in demand for captive power plants over the next four to five years as investments in large power projects are plummeting and utilities are unable to garner reliable supplies. So industries like food processing, pharmaceuticals, textiles and automobiles are focusing on improving their capacities and planning to generate their own power, instead of depending on the grid supply.
