Thermax Limited — JV/Acquisition, 09-09-2025: Acquisition

Thermax has infused ₹115 crore cash into its wholly-owned subsidiary, First Energy Private Limited (FEPL). This capital will further flow to FEPL's wholly-owned step-down subsidiary, First Energy 10 Private Limited (FE10), to finance new renewable energy projects. FEPL specializes in green energy solutions like solar, wind, and storage. This strategic investment boosts Thermax's commitment to sustainable solutions and expands its capabilities in the rapidly growing renewable energy sector for commercial and industrial clients. FEPL's FY25 turnover was ₹49.11 crore.