Thermax Limited announces that its step-down subsidiaries, Jalansar Wind Energy Private Limited and Kanakal Wind Energy Private Limited, have approved a scheme of amalgamation. The Boards approved the merger on February 4, 2026. The amalgamation is subject to shareholder and creditor approvals. This restructuring aims to consolidate operations and improve efficiency within Thermax’s renewable energy portfolio.
Amalgamation of Wind Energy Subsidiaries
Thermax Limited has announced a scheme of amalgamation involving two of its step-down subsidiaries: Jalansar Wind Energy Private Limited (“Transferor Company” or “JWEPL”) and Kanakal Wind Energy Private Limited (“Transferee Company” or “KWEPL”). This decision was made at their respective Board Meetings held on February 4, 2026.
Financial Details
As of March 31, 2025, the key financial details of the companies are:
| Particulars | Transferor Company | Transferee Company |
|---|---|---|
| Paid-up Equity Share Capital | 2,21,50,000 | 3,32,30,000 |
| Net Worth | 1,82,41,000 | 2,97,59,000 |
| Total Income | 90,69,000 | 1,39,23,000 |
Rationale for the Amalgamation
The Board of Directors believes that this scheme is in the best interest of all stakeholders. The anticipated benefits include:
- Consolidation of the business operations of the Transferor and Transferee Companies.
- Enhanced synergies, improved efficiency, and better utilization of available assets.
- Reduction in legal and regulatory compliance burdens.
- Cost savings in terms of administration, management, and compliance.
Both companies are engaged in the business of renewable energy, serve the same captive user, and have projects situated adjacent to each other.
Share Exchange Ratio
Upon the scheme becoming effective, the Transferee Company will issue and allot one equity share for every one share held by the shareholders of the Transferor Company.
Source: BSE
