Thermax Acquires 51% Stake in Exactspace for ₹30 Crore, Boosts AI-IoT Capabilities

• Thermax has acquired an additional 35.83% stake in Exactspace Technologies, bringing its total shareholding to 51% for ₹30.48 crore.
• Exactspace, now a Thermax subsidiary, specializes in AI-based Industrial Internet of Things solutions for manufacturing customers.
• The acquisition aims to enhance Thermax's service offerings, including predictive maintenance, process optimization, and analytics-driven failure analysis.
• Thermax holds the right to acquire the remaining 49% stake in Exactspace after three years, subject to agreement conditions.
• Thermax reported an 80% rise in Q3 net profit to ₹205 crore and a 34% increase in order booking to ₹3,080 crore.