Thermax Limited has announced the acquisition of a 35.83% stake in Exactspace Technologies Private Limited, an IT firm specializing in AI-based Industrial IoT solutions. Following the completion, Thermax’s total shareholding will rise to 51% (fully diluted basis), making Exactspace a subsidiary. The deal, signed on February 27, 2026, includes an option to acquire the remaining 49% after three years. The total acquisition cost for the initial stake is ₹30.48 crores in cash.
Strategic Acquisition to Strengthen Service Portfolio
Thermax Limited has entered into definitive agreements to significantly increase its shareholding in Exactspace Technologies Private Limited, an existing Associate Company. The primary objective of this transaction is to enable Thermax to deliver end-to-end asset support and substantially strengthen its service offerings across its customer base.
The acquisition focuses on integrating Exactspace’s specialized capabilities, which include Artificial Intelligence based predictive asset maintenance, process optimization, asset efficiency improvement, and analytics-driven failure analysis for manufacturing customers.
Transaction Details and Shareholding
Thermax is currently acquiring an initial stake of 35.83% in Exactspace, which will bring its total shareholding to 51% on a fully diluted basis, thereby classifying Exactspace as a Subsidiary. This initial acquisition is being executed via a cash consideration amounting to Rs. 30.48 crores, subject to transaction adjustments.
The Definitive Agreements also grant Thermax the right to acquire the remaining 49% stake after a period of 3 years, subject to specified terms and conditions. The agreements formalizing this change were signed on February 27, 2026, at 9:40 p.m. (IST).
Target Entity Background
Exactspace Technologies Private Limited, incorporated on 14/12/2017, operates within the IT Industry, focusing on Developing Artificial Intelligence based Industrial Internet of Things solutions.
Key turnover figures for Exactspace over the last three fiscal periods are noted below (in Rs. Crores):
- 31 Mar 2025: 6.21
- 31 Mar 2024: 5.51
- 31 Mar 2023: 5.52
Related Party Disclosure
The transaction has been confirmed to be a Related Party Transaction. However, it is explicitly stated that the Promoter/Promoter group does not have any interest in the entity being acquired, ensuring the transaction meets “arm’s length” standards concerning the Promoter/Promoter group.
Source: BSE
