Thermax to invest Rs 10cr in Mumbai-based Covacsis Technologies

Thermax Limited, an Indian engineering conglomerate, said that it will invest up to INR 9.99 crores in Covacsis Technologies Private Limited by subscribing to 43,192 cumulative convertible preference shares (CCPS) of the latter.

In this connection, Thermax has signed a share subscription agreement with Covacsis, Tarun Mishra, and Amrish Goel, who are its promoters. The company has also signed a shareholders agreement with Covacsis, its promoters Cisco Systems International, India Venture Partnership Limited, and some other existing shareholders of Covacsis.

Through the agreements, Thermax will get a stake of 16.67% in Covacsis.

Based in Mumbai, Covacsis is into the business of offering products and solutions to manufacturing industries in the areas of Industrial IoT, Industry 4.0, digital manufacturing, and smart manufacturing.

Through the investment in Covacsis, Thermax intends to provide customers with enhanced energy management solutions and boost its share of service offerings by working together with the former as IoT solution partner.