The five year old fight of Thermax with US-based Purolite is reported to have placated, talking its way out of the court. The deal is going to entail Rs 175cr as a one time expense. In an interview with CNBC-TV18, MS Unnikrishnan, Managing Director of Thermax, discusses it.
As per the agreement terms, both the companies are co-owners in perpetuity of the disputed trade secrets. In addition, the agreement also reconciles all claims and counter-claims even over people, with no further financial obligations in this respect.
“The amicable settlement allows us to get on with life. The case was coming up for a jury trial on March 1 in a US district court and we decided that instead of a jury trial, with its costs, management time and stress, it was better to settle out-of-court”, MS Unnikrishnan, Managing Director, Thermax, said.
Mr. Unnikrishnan in a brief up to the reporters quoted that last month that a US district court has extended an order, claiming three disputed production processes, relating certain kinds of ion-exchange resins for applications in water treatment, constituted Purolite’s trade secrets.
The settlement between the two companies is also reported to have released the four employees, three of whom still work with Thermax.