Target Entity: TSA Process Equipments Private Limited

Type of Deal: Acquisition (100% equity stake)

Stake/Capacity: 49% equity share capital acquired (completing 100% ownership)

Deal Value: ₹42 crores in one or more tranches, subject to fulfillment of certain terms and conditions

Funding Source: Cash consideration

Financial Impact:

  • TSA Process Equipments reported PAT of ₹6.65 crore for FY 2025-26
  • Turnover of ₹166.99 crore for FY 2025-26
  • Networth of ₹44.99 crore as on March 31, 2026
  • Historical turnover: ₹121.83 crore (FY 2023-24), ₹129.65 crore (FY 2024-25), ₹166.99 crore (FY 2025-26)
  • Share capital: 13,68,000 equity shares of face value ₹10/- each

Timeline: Completion confirmed on September 30, 2026 at 6:01 PM IST

Strategic Rationale:

  • TSA is engaged in developing, designing, supply, installation and commissioning of complete turn-key solutions for varied water treatment and distribution needs
  • Business includes high purity plants, reverse osmosis plants, demineralisation plants, sterile ultrafiltration plants of any capacity
  • Upon completion, TSA becomes wholly owned subsidiary of Thermax Limited

Approval Status: Completed

Related Party Status: Yes, classified as related party transaction but conducted on arm's length basis

  • Promoter/Promoter group/group companies do not have any interest in the transaction

Company Background:

  • TSA Process Equipments incorporation date: October 21, 2004