The Board of Directors at Thermax has approved a merger of Buildtech Products India Private Limited with Thermax Limited. Additionally, it greenlit an investment of ₹40 crores in Fortmax Chemicals India Private Limited (FCIPL), and a support of up to ₹42 Crores to Enernxt Private Limited. These decisions aim to streamline operations and bolster growth in key sectors.
Merger of Buildtech Products
Thermax Limited’s board has approved a scheme for the merger of Buildtech Products India Private Limited, a wholly-owned subsidiary, into Thermax. The merger is subject to necessary approvals, including from the National Company Law Tribunal (NCLT). The appointed date for the scheme is set as April 1, 2025, or another date approved by the NCLT.
Key Details of the Merger
Upon the merger, all assets and liabilities of Buildtech will be transferred to Thermax at their carrying values. Inter-company balances and investments between Buildtech and Thermax will be cancelled. No new equity shares of Thermax will be allotted as a result of this merger, and shares held by Thermax in Buildtech will be cancelled.
Investment in Fortmax Chemicals (FCIPL)
The board has approved an additional equity investment of ₹40 crores (Rupees Forty Crores Only) in the share capital of Thermax Chemical Solutions Private Limited (TCSPL). TCSPL is a wholly-owned subsidiary of Thermax and will use this investment to further invest in Fortmax Chemicals India Private Limited (FCIPL), which is a subsidiary of TCSPL.
Support to Enernxt Private Limited
Thermax will provide support by way of equity or loan of up to ₹42 Crores (Rupees Forty-Two Crores Only) to Enernxt, a wholly-owned step-down subsidiary. This will be facilitated through Thermax Onsite Energy Solutions Limited, another wholly-owned subsidiary of Thermax.
Source: BSE
