New Delhi, Jul 26 (PTI) Vietnam is an enabler for India's growing ties with the rest of ASEAN members, which is the focus of the country's Act East Policy, Commerce Minister Suresh Prabhu said today.

He said Vietnam is one of the fastest growing economies among the ASEAN countries and it holds huge potential for Indian businesses.

He was speaking at a conference on India-Vietnam economic ties.

"Both countries have extensive economic ties in oil exploration, agriculture, manufacturing and defence and are now looking at the services sector which is the new growth engine in global trade," he added.

********** Thermax completes acquisition of JV stake in TBWES

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Thermax Ltd today announced that Thermax Babcock & Wilcox Energy Solutions (TBWES) has become its wholly-owned subsidiary following acquisition of the stake of its joint venture partner.

"This has reference to our letter dated May 19, 2018 informing you about proposed acquisition of stake in Thermax Babcock & Wilcox Energy Solutions Pvt Ltd (TBWES), a Joint venture company," Thermax Ltd said in a BSE filing.

"The company has since then entered into binding agreements and completed the acquisition process of shareholding of Babcock & Wilcox India Holdings INC, in TBWES," it said.

TBWES is now a wholly owned subsidiary of Thermax Ltd.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)