Mutares revealed today that its portfolio company and platform investment, Balcke-Dürr, has sold its 49% stake in Thermax SPX Energy Technologies Limited (Thermax SPX) to the company’s joint venture partner, Thermax Limited.
The joint venture has held an exclusive licence for the sale of dry electrostatic precipitators, regenerative air gas and gas heaters as well as pulse jet bag filters in the Indian market. As part of the transaction the license has been changed to a non-exclusive licence, which will enable Balcke-Dürr to develop its business in India independently. The company will do so through its wholly owned subsidiary, Balcke Dürr Engineering Pvt. Ltd. that provides engineering and procurement services to all companies within the Balcke-Dürr Group.