Home / Companies / Thermax acquires 33% stake in First Energy

Mumbai: Thermax Ltd has bought a 33% stake in First Energy Pvt. Ltd, an alternative energy solutions company, for some 20 crore.

Thermax will acquire the rest of First Energy in a phased manner over the next four to six years, the company said in a filing to BSE on Wednesday.

Thermax will pay about 20 crore for the 33% stake, a person familiar with the transaction said, requesting anonymity. The company did not disclose the value of the deal.

Pune-based First Energy, which focuses on consumers in commercial and home cooking market, had revenue of 42 crore in 2014-15, the filing said. Its Oorja branded product uses a combination of a stove and biomass-based fuel available in pellets, which is a substitute to fossil fuels.

With the acquisition, Thermax said it would expand its alternative energy offerings. Under its wholly-owned subsidiary, Thermax Onsite Energy, the company is already present in the alternative energy market.

The 5,500 crore Thermax Group provides solutions in heating, cooling, power, water and waste management across 75 countries.

The previous acquisition Thermax made was of the European biomass-based boiler manufacturer Danstoker AS Denmark in November 2010 for €29.5 million. It had also acquired German steam products company Rifox in 2012 as a part of its €2 million takeover of Virgo Valves & Controls India’s steam division.

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