The board of directors of Thermax at its meeting held on May 18, 2018, has approved to enter into a preliminary understanding with Babcock & Wilcox India Holdings Inc. (B&W) to acquire the shareholding of the latter in the JV, Thermax Babcock & Wilcox Energy Solutions Private (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 the company declined Rs 11.45, or 0.99%, to trade at Rs 1,150.00. The total volume of shares traded was 795 at the BSE (10.16 a.m., Monday).