Thermax has entered into a definitive agreement with Germany-based companies Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd (TSPX).

Thermax has a 51% stake in the JV and post transfer of shares, TSPX will become a wholly-owned arm of Thermax.

There was no mention of the financial details of this deal.

The market is happy with this news and the stock is currently the second top gainer on the BSE, going up over 7% to Rs.1029.50. The stock’s 52-week high is at Rs.1247.