Thermax sells stake in Covacsis Technologies to Infinite Uptime

Thermax Limited (BSE: 500411) announced today that it has entered into a Share Purchase Agreement with Infinite Uptime Inc., USA, for the sale of its stake in Covacsis Technologies Private Limited. As a result of this transaction, Covacsis Technologies will no longer be considered an associate company of Thermax. The agreement was finalized on April 3, 2025, with an expected completion date of April 4, 2025. The consideration received by Thermax from the sale is approximately INR 10 crores. Thermax clarified that the buyer, Infinite Uptime Inc., is not part of the promoter or promoter group. For the financial year 2023-24, Covacsis had a loss of INR 1.79 crores, of which Thermax considered INR 0.30 crores in its consolidation.