Thermax Limited (NSEI:THERMAX) signed an agreement to acquire 51% stake in TSA Process Equipments Private Limited from Fabtech Technologies Private Limited, Apurva Shah and Rajiv Parikh for INR 710 million on February 6, 2024. The balance stake of 49% will be acquired by Thermax over the next two years. TSA Process reported PAT of INR 111.8 million, turnover of INR 1.2 billion and net worth of INR 318.6 million for year ended on March 31, 2023.

Ajay Malik of RBSA Capital Advisors LLP acted as financial advisor to Thermax Limited