Thermax ups stake in IoT firm Exactspace to 51%
Thermax just boosted its stake in Exactspace Technologies to 51% by investing ₹30.48 crore, which will make Exactspace its subsidiary upon completion of the agreed conditions.
The deal involved signing definitive agreements on February 27, 2026, with the 51% stake to be acquired subject to completion of agreed conditions, and marks a big step from their earlier 15.17% holding.
Conditions for remaining stake acquisition
Thermax can buy the rest of Exactspace (the remaining 49%) after three years if certain conditions are met.
Since this is a related party deal, there's no need for regulatory approvals—so it's all pretty smooth sailing.
How Exactspace fits into Thermax's strategy
Exactspace builds AI-powered Industrial IoT solutions that help Thermax's manufacturing clients keep machines running longer and smarter—think predictive maintenance and process optimization.
Founded in late 2017, they've grown revenue from ₹5.52 crore in FY23 to ₹6.21 crore in FY25.