Thermax Limited has informed the Exchange about Acquisition
THERMAX · price
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Thermax Limited has invested Rs. 102 crore in its wholly-owned subsidiary First Energy Private Limited (FEPL) by subscribing to 10.20 crore equity shares at Rs. 10 each at par. FEPL is engaged in renewable energy, offering solar, wind, wind-solar hybrid, and battery storage solutions for commercial and industrial customers. The funds will be used by FEPL to undertake new projects through Special Purpose Vehicles (SPVs). FEPL's revenue has grown sharply from Rs. 15.51 crore in FY23 to Rs. 49.11 crore in FY25, indicating a fast-scaling business. Since FEPL is already a 100% subsidiary, there is no change in Thermax's ownership percentage, and the deal is on an arm's length basis.
This is a routine internal capital allocation to fund growth in Thermax's renewable energy arm. It signals management's commitment to scaling the clean energy business but is unlikely to move the stock price materially since the subsidiary is already fully owned and the investment size is moderate relative to Thermax's overall size.