Thermax Limited has informed the Exchange about Acquisition
THERMAX · price
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Thermax has invested equity into its step-down subsidiary First Energy 11 Private Limited (FE11), an SPV set up for renewable energy projects. FE11 allotted 8.39 crore shares of Rs. 10 each (totalling Rs. 83.99 crore) to First Energy Private Limited (FEPL), Thermax's wholly-owned subsidiary. FEPL, which handles solar, wind, hybrid and battery storage solutions for commercial and industrial customers, reported turnover of Rs. 49.11 crore in FY25, up from Rs. 31.69 crore in FY24 and Rs. 15.51 crore in FY23. The investment is a related-party transaction done at arm's length, with no change in overall shareholding since FE11 remains a wholly-owned subsidiary of FEPL.
This is an internal capital infusion to fund new renewable energy projects through FE11, not an external acquisition. For shareholders, it signals Thermax's continued push into the green energy business through its subsidiary, though the direct financial impact on the listed entity is limited at this stage.