Thermax Limited — JV/Acquisition, 24-07-2025: Acquisition

Thermax has infused Rs 83.99 Cr into First Energy 11 Private Limited (FE11), a wholly-owned step-down subsidiary. This capital injection, made via First Energy Private Limited (FEPL), reinforces Thermax's push into renewable energy. FE11 is a Special Purpose Vehicle (SPV) established to undertake new green energy projects. This strategic move aims to expand Thermax's sustainable solutions portfolio, including solar, wind, and battery storage. The funding will support future growth initiatives in the commercial and industrial segments, aligning with the increasing demand for clean energy.