Thermax Limited — JV/Acquisition, 27-02-2026: Acquisition

Thermax is expanding its digital capabilities by acquiring a 35.83% stake in Exactspace Technologies for Rs. 30.48 crore. This increases Thermax's holding to 51% on a fully diluted basis, making Exactspace a subsidiary. Exactspace specializes in AI-based Industrial IoT solutions for manufacturing, offering predictive maintenance, process optimization, and enhanced asset efficiency. This strategic move strengthens Thermax's service portfolio, enabling it to deliver comprehensive end-to-end asset support for its customers. Thermax also has the option to acquire the remaining 49% after three years.