Thermax Completes Acquisition of Remaining 49% in TSA Process Equipments, Making it Wholly Owned Subsidiary
Thermax Limited has acquired the remaining 49% stake in TSA Process Equipments Private Limited for ₹42 crore, making it a wholly-owned subsidiary. TSA reported a turnover of ₹166.99 crore and PAT of ₹6.65 crore in FY26. The deal was finalized on September 30, 2026.
The acquisition of a subsidiary, especially one in a related business area like water treatment solutions, can lead to synergies and expanded market presence, impacting Thermax's overall business operations and financial performance.
The acquisition of the remaining stake in TSA Process Equipments and making it a wholly-owned subsidiary is a positive step for Thermax, indicating strategic growth and consolidation.
Thermax Limited has announced the successful completion of the acquisition of the remaining 49% equity share capital in TSA Process Equipments Private Limited. This development, confirmed on September 30, 2026, at 6:01 p.m. IST, makes TSA Process Equipments a wholly-owned subsidiary of Thermax.
This acquisition follows Thermax's earlier intimation regarding the acquisition of an initial 51% stake in TSA, with the balance 49% contingent on the fulfillment of certain conditions precedent. The company has now met these conditions, finalizing the deal.
TSA Process Equipments Private Limited is engaged in developing, designing, supplying, installing, and commissioning turn-key solutions for varied water treatment and distribution needs in high purity plants, reverse osmosis plants, demineralisation plants, and sterile ultrafiltration plants. For the financial year ended March 31, 2026, TSA reported a turnover of ₹166.99 crore and a Profit After Tax (PAT) of ₹6.65 crore. Its net worth as of March 31, 2026, stood at ₹44.99 crore.
The acquisition is considered a related party transaction, conducted on an arm's length basis. The total cash consideration for the acquisition of the remaining 49% stake is ₹42 crore, subject to the fulfillment of specific terms and conditions.
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Thermax Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Thermax Limited. Read the original for the full detail.