Thermax has agreed to make an investment in Covacsis Technologies up to a sum not exceeding Rs 9.99 crore by subscribing to 43,192 Cumulative Convertible Preference Shares.
Covacsis is engaged in the business of providing product and solution to manufacturing industries in the space of Industrial IoT, Industry 4.0, smart manufacturing, and digital manufacturing.
The investment will result in the Company holding up to 16.667% of the share capital of Covacsis. The Company offers Energy Management Solutions that reduce the overall energy consumption for its customers. The value delivered by the EMS solutions will be enhanced through the combination of the Domain expertise of the Company and the digital capability of Covacsis to carry out advanced analytics of the plant performance.
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