Thermax Limited announced it has acquired 15.17% stake in Exactspace, a company engaged in the business of developing artificial intelligence solutions for energy industry.
“We wish to inform you that Thermax Limited (“the Company”) has agreed to make an investment in Exactspace Technologies Private Limited (“Exactspace”) up to a sum not exceeding INR 9,99,84,208 (Indian Rupees Nine Crores Ninety-Nine Lakhs Eighty-Four Thousand Two-Hundred and Eight) by subscribing to 1,921 (One Thousand Nine Hundred and Twenty-One) Cumulative Convertible Preference Shares (CCPS) in one or more tranches,” according to the exchange filing.
“The investment will result in the Company holding up to 15.17% of the share capital of Exactspace. The Company proposes to provide end to end asset support to customers and increase its share of service offerings by collaborating with Exactspace as IoT solution partner,” the exchange filing states.
“Exactspace, in order to run optimally, to better implement its business plans and to generally run and operate the affairs is desirous of obtaining capital and, hence, has approached the Company. The Company proposes to make investment in Exactspace to provide end to end asset support to customers and increase its share of service offerings by collaborating with Exactspace as IoT solution partner. The solutions offered by Exactspace will cover predictive asset maintenance, process optimization for customers, asset efficiency improvement in uptime and longevity, and analytics-driven failure analysis,” the company adds.
Headquartered in Pune, India, Thermax Limited provides integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.
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