New Delhi, March 2 -- Australia-listed insurance firm QBE Insurance Group Ltd, Mumbai-listed energy and environment solutions provider Thermax Ltd, and Pune-based engineering and manufacturing firm ADM Group 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.
Published by HT Digital Content Services with permission from VC Circle.