Thermax Board Approves Merger, Investment, and Financial Support

Thermax Limited’s board has approved a merger of Buildtech Products India Private Limited with Thermax, effective April 1, 2025. The board also approved an investment of ₹40 crores in Thermax Chemical Solutions Private Limited (TCSPL) for investment in Fortmax Chemicals India Private Limited (FCIPL). Support of up to ₹42 Crores has been greenlit for Enernxt Private Limited.

Buildtech Merger Approved

The Thermax Limited board has approved the scheme of merger for Buildtech Products India Private Limited into Thermax. The merger will be effective April 1, 2025, or another date as approved by the Hon’ble NCLT. Buildtech, a wholly owned subsidiary, manufactures construction materials and chemicals and was acquired by Thermax in October 2024. The merger aims to consolidate business, enhance efficiency, simplify group structure and reduce compliance costs. No shares will be issued as a result of this merger.

Investment in Fortmax Chemicals India

An additional equity investment of ₹40 crores has been approved for Thermax Chemical Solutions Private Limited (TCSPL). TCSPL is a wholly-owned subsidiary and the funds are destined for investment in Fortmax Chemicals India Private Limited (FCIPL). As of March 31, 2025, both TCSPL and FCIPL have no reported turnover. TCSPL was incorporated on May 28, 2024, while FCIPL was incorporated on April 11, 2025.

Support to Enernxt Private Limited

The board has given the go-ahead for support of up to ₹42 Crores to Enernxt Private Limited through Thermax Onsite Energy Solutions Limited (TOESL). TOESL is a wholly owned subsidiary, while Enernxt is a step-down subsidiary. TOESL is involved in the supply of steam and heat via Biomass boilers. Enernxt focuses on the supply of Bio CNG Gas. The turnover for TOESL as of March 31, 2025, was reported at ₹560.32 Crores, whereas Enernxt’s turnover was Nil.

Source: BSE

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