Thermax Acquires Stake in Covacsis to Improve Energy Management Solutions
Thermax offers integrated solutions in heating, cooling, power generation, air pollution control and chemicals
Thermax, one of the Indian conglomerates in the energy and environment segments, has acquired a strategic stake in Covacsis Technologies.
Thermax offers integrated solutions in the areas of heating, cooling, power generation, air pollution control and chemicals. While Covacsis is engaged in providing products and solutions to manufacturing industries in the field of Industrial IoT, Industry 4.0, Smart Manufacturing and Digital Manufacturing.
The company proposes to invest in Covacsis to provide enhanced energy management solutions to customers and increase its share of service offerings by collaborating with Covacsis as an IoT solution partner.
Ajay Malik, MD and Head of Investment Banking at RBSA, said, “This transaction provides Covacsis with a partnership with a strategic investor such as Thermax, which will support its growth in key markets in India and overseas.” .
Anuj Aiyar, Director, Investment Banking, RBSA said: “Through this transaction, Thermax will be able to access additional clientele and increase its service mix for industrial clients.