Thermax settles dispute with Purolite; shares up

Energy and environment solutions provider Thermax said on Wednesday it had settled a legal dispute with unlisted Purolite International, sending its shares up more than 3% on the news.                                           

Thermax will pay US-based Purolite $38 million in four installments over 2010, it said.

The dispute was about its ion exchange resin business in the United States, and an amicable out of court settlement has resulted in the co-ownership of the information and technology in dispute, Thermax said in a statement.                                           

"Beyond a one-time impact on the balance sheet, the settlement paves the way for Thermax to move on...," the firm said. At 10:06 am, Thermax shares had pared gained to trade up 1.3% at 579.95 rupees in a Mumbai market that was tad higher.