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The board of Thermax has approved entering into a preliminary understanding with Babcock & Wilcox India Holdings Inc (B&W) to acquire the shareholding of the latter in the joint venture - Thermax Babcock & Wilcox Energy Solutions Private Ltd (TBWES). The transaction will provide Thermax access to the manufacturing facility of TBWES and also to a wider range of B&W technologies. The parties are working towards a definitive agreement to conclude the transaction. Shares of Thermax closed at ₹1,147.30 on the NSE, down 1.3 per cent; they closed at ₹1,142 on the BSE.
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