Thermax has taken a strategic step toward digital transformation by acquiring an additional 35.83% stake in Exactspace Technologies for ₹30.48 crore, which will increase its total holding to 51% and convert the AI-IoT firm into a subsidiary. The transaction, completed via cash consideration, builds on Thermax’s existing 15.17% stake and is aimed at enhancing its end-to-end asset support and service capabilities through Exactspace’s artificial intelligence–based predictive maintenance and industrial analytics solutions. Exactspace, incorporated in December 2017, reported revenues of ₹6.21 crore in FY25, ₹5.51 crore in FY24, and ₹5.52 crore in FY23, highlighting its emerging but growing presence in the digital industrial space. Importantly, Thermax also retains an option to acquire the remaining 49% stake after three years, signalling a long-term commitment to strengthening its AI and IoT capabilities. Overall, the move reflects a measured strategic shift by Thermax toward higher-margin, technology-led service offerings while deepening its digital integration across industrial solutions.

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