Thermax gains after subsidiary acquires two companies

Thermax rose 1.03% to Rs 2008.85 after the company said its subsidiary, First Energy, acquired Jalansar Wind Energy and Kanakal Wind Energy through share purchase agreement.

Jalansar Wind Energy and Kanakal Wind Energy are engaged in renewable energy projects. The acquisition is done for the proposed power projects to be undertaken by First Energy. The total cash consideration for the acquisition is Rs 1 lakh for each of the company.

Post acquisition, both the acquired companies will become a wholly owned step-down subsidiaries of Thermax. The acquisition of both the firms will be completed by 8 July 2022, 15 days from execution of share purchase agreement.

The company said that there will be no government or regulatory approval required.

Thermax is an energy and environment solutions provider. Its business portfolio includes products for heating, cooling, water and waste management, and specialty chemicals. The company also designs, builds and commissions large boilers for steam and power generation, turnkey power plants, industrial and municipal wastewater treatment plants, waste heat recovery systems and air pollution control projects.

The company reported 4.5% decline in consolidated net profit to Rs 102.54 crore on a 26.5% rise in revenue from operations to Rs 1,991.92 crore in Q4 FY22 over Q4 FY21.

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