Thermax Ltd on Tuesday said it has signed an agreement with TSA Process Equipments to acquire 100% stake in the company in multiple tranches.
The company also announced the acquisition of 51% of the equity share capital of TSA Process Equipments for Rs 71.14 crore.
It will acquire the remaining 49% 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% 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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