Thermax Limited — JV/Acquisition, 04-02-2026: Amalgamation/Merger

Thermax's step-down subsidiaries, Jalansar Wind Energy (JWEPL) and Kanakal Wind Energy (KWEPL), are set to merge. This strategic consolidation aims to boost synergies, enhance efficiency, and reduce operational costs within their renewable energy operations. Under the plan, JWEPL shareholders will receive 1 KWEPL share for every 1 JWEPL share. The merger requires approvals from shareholders, creditors, and the Regional Director. This move is expected to streamline group operations and improve overall financial health, with no direct impact on Thermax's listed shareholding.