Thermax to invest in Covacsis TechnologiesTHERMAX - 2040 Change: -25.20 (-1.22 %)
News: Thermax to invest Rs 9.99 crore in Covacsis Technologies by subscribing to 43,192 cumulative convertible preference shares. The investment will result in the company holding up to 16.67% of the share capital of Covacsis. Covacsis is engaged in the business of providing product and solution to manufacturing industries in the space of Industrial IoT (The industrial internet of things (IIoT) referring to the extension and use of the internet of things (IoT) in industrial sectors and applications), Industry 4.0, smart manufacturing, and digital manufacturing.
Views: The emphasis on decarbonisation and the race towards net-zero emissions are driving the order book of Thermax group. With this acquisition Thermax will carry out advanced analytics of the plant performance with domain knowledge of Energy Management Solutions (EMS) (that reduces the overall energy consumption) and the digital capability of Covacsis to its customers.