Mutares AG: Balcke-Duerr sells its stake in an Indian Joint Venture

  • Sale of 49% stake in JV to Thermax Limited
  • JV represented only part of Balcke-Duerr Group’s activities in India
  • Balcke-Duerr remains active in India with its 100% Indian subsidiary

Munich, April 24, 2019 – Two companies of Mutares Group (ISIN: DE000A2NB650), Balcke-Dürr GmbH and parent company Mutares Holding-24 AG, sell their combined 49% stake in  Thermax SPX Energy Technologies Limited, located in Pune, India, to venture partner Thermax Limited. The initial agreement was signed in February 2019 whereas closing took place now, in April.  The parties have agreed confidentiality regarding the details of the transaction.

The Joint Venture has held an exclusive licence for the sale of dry electrostatic precipitators, regenerative air gas and gas gas heaters as well as pulse jet bag filters for the Indian market. As part of the transaction this licence has been altered to a non-exclusive licence, providing Balcke-Dürr with more flexibility to develop its Indian business independently. This will be done through its 100% owned subsidiary Balcke Duerr Engineering Pvt. Ltd, based in Chennai, which also provides engineering and procurement services to all companies within the Balcke-Dürr Group.


Company profile of Balcke-Duerr Group

With over 130 years of experience, the Balcke-Duerr Group offers cutting edge solutions for electricity generators and power plant constructors with product solutions and services ranging from standard modules to complete thermal systems. Balcke-Duerr’s experienced engineers specialize in solutions that meet the highest safety and sustainability requirements. Its product portfolio comprises heat exchangers and apparatus for applications in chemical  processes and power plants, filter systems for flue gas cleaning as well as corresponding maintenance services. At its production sites in Germany, Italy and China, Balcke-Duerr produces components for boosting energy efficiency and reducing emissions. At seven key service, engineering and sales centres in Germany, Italy, Poland, India and France, Balcke-Duerr Group currently employs more than 400 people.

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (, acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company. In 2019, Mutares’ portfolio companies generated consolidated revenues of EUR 1,016 million and employed more than 6,500 people worldwide. The shares of Mutares SE are listed on Frankfurt Stock Exchange under the ticker symbol “MUX” (ISIN: DE000A2NB650).