New Delhi, March 2 -- Australia-listed insurance firm QBE Insurance Group Ltd, Mumbai-listed energy and environment solutions provider Thermax Ltd, Pune-based engineering and manufacturing firm ADM Group, and genomics-driven diagnostics company MedGenome have announced separate M&A deals.
QBE Insurance Group-Raheja QBE
Australian insurer QBE Insurance Group has agreed to acquire the remaining stake in Raheja QBE General Insurance Co Ltd, a joint venture with the Rajan Raheja Group, according to a stock exchange disclosure.
Through a subsidiary, QBE will acquire the 51% stake it doesn't already own from Prism Johnson for Rs 324 crore ($35.4 million, or A$50.1 million). The transaction is subject to regulatory approvals and other customary conditions.
Raheja QBE generated a revenue of Rs 498.91 crore in the financial year ended March 2025. The transaction will result in the termination of the joint venture and the existing shareholder agreement between the partners in India's general insurance business.
Thermax-Exactspace
Energy and environment solutions provider Thermax is acquiring an additional stake in Bengaluru-based Exactspace Technologies Pvt Ltd, which offers AI-driven solutions for the energy sector.
The Mumbai-listed company said in an exchange filing that it will acquire an additional 35.83% stake in Exactspace for Rs 30.48 crore, taking its total shareholding to 51%. It currently owns a 15.17% stake.
Further, Thermax said it will acquire the remaining 49% stake after three years, subject to the terms and conditions in the share purchase agreement.
With the acquisition of a controlling stake, Exactspace will help Thermax deliver end-to-end asset support and strengthen its service offerings. Exactspace's offerings include AI-based predictive maintenance, process optimization, asset efficiency improvement, and analytics-led failure analysis.
ADM Group-CCS Advance Tech
Pune-based ADM Group has acquired a controlling stake in CCS Advance Tech, a Thailand-based precision manufacturing company. The terms of the transaction were not disclosed.
ADM Group said the acquisition will support its transition into a multi-country precision machining platform serving Fortune 500 customers in high-growth sectors such as semiconductor fab, aerospace, and medical equipment.
CCS Advance operates a large manufacturing plant in Thailand, focusing on producing complex machined components and assemblies. It features in-house high-precision computer numerical control (CNC) machining of advanced alloys, tooling, automated inspection, and specialized surface treatments such as anodizing, passivation, and hard chrome plating.
Investment bank Singhi Advisors acted as the exclusive advisor to ADM Group on the transaction.
MedGenome-Medcare Management
Genomics-driven diagnostics and research services firm MedGenome said it has made a "majority" investment in radiology and nuclear medicine provider Medcare Management Services Pvt Ltd, which specializes in PET-CT and advanced molecular imaging services.
MedGenome invested an undisclosed amount to acquire a majority stake in the Mumbai-headquartered company. While the financial terms were not disclosed, MedGenome said Medcare Management's promoters will continue to lead operations and "drive its next phase of growth in collaboration with MedGenome."
Founded in 2012 by nuclear medicine expert Atul Marwah and radiologist Ruchira Marwah, Medcare Management offers advanced imaging services such as PET-CT, CT, mammography, nuclear medicine scans, and theranostic facilities.
Published by HT Digital Content Services with permission from VC Circle.