Thermax Limited announced on February 20 that it has entered into a License and Technical Assistance Agreement with South Korea's Flowtech Co Ltd., to acquire the technology required for the manufacturing of Poly Carboxylate Ether (PCE) products.
The Indian multinational engineering conglomerate said the consideration for this technology agreement involves a payment of $300,000, where 50 percent will be adjusted against royalty payments, and the remaining amount will serve as a refundable deposit throughout the agreement period. The deal is expected to enhance Thermax's construction chemicals business.
On the details of the agreement, Thermax clarified that this is not an acquisition and does not fall under related party transactions. The promoter, promoter group, or group companies do not have any vested interest in the entity named Flowtech Co Ltd.
The entity providing the technology, Flowtech Co Ltd, reported a turnover of 33,000 million WON for the fiscal year 2023.
Ashish Bhandari, MD and CEO of Thermax Ltd, said on February 19 that the power sector has resurged significantly in the last three months, and coal, in particular, is gaining substantial attention across industries due to India's increasing power demands.
The energy and environment solutions provider reported a net profit of Rs 237.06 crore in the December quarter due to higher revenues, as against a profit of Rs 126.4 crore in the corresponding quarter last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
