First Energy Private Limited becomes Wholly Owned Subsidiary of Thermax Limited

Thermax Ltd has acquired remaining 24% stake in First Energy Private Limited (FEPL) effective December 21, 2020. Accordingly, the equity shareholding of the Company in FEPL stands increased from 76% to 100%. Now, FEPL is a wholly owned subsidiary of the Company.

FEPL is a subsidiary of Thermax wherein Thermax Limited was holding 76% of its paid up share capital before the date of this acquisition. FEPL is an alternative energy company based in Pune, India that applies biomass and gasification technology to heating applications; specifically home and commercial cooking. It is engaged in the business of manufacture & supply of biomass pellets, gasification technology and cooking stoves. It caters to consumers in India through their brand 'Oorja' which consists of a biomass stove and a fuel - made from pelletized agri-residue. The stove uses biomass gasification technology, developed and patented by the Indian Institute of Science, Bangalore. FEPL focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel.

Thermax Limited, a global engineering solution provider in the energy and environment sectors, signed an agreement on July 15, 2015 for stage-wise acquisition of FEPL over the next four to six years. FEPL focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. The acquisition provided to the Company new opportunities in the commercial space to serve customers with alternative and cost saving solutions.

Shares of THERMAX LTD. was last trading in BSE at Rs.900.9 as compared to the previous close of Rs. 919.4. The total number of shares traded during the day was 4782 in over 821 trades.

The stock hit an intraday high of Rs. 952.35 and intraday low of 884.65. The net turnover during the day was Rs. 4424070.

Source : Equity Bulls

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