Thermax Limited announced the signing of a Share Purchase Agreement to acquire an additional 23.03% equity stake in its subsidiary, Thermax Bioenergy Solutions Private Limited (TBSPL). Following the transaction, TBSPL will become a wholly owned subsidiary of Thermax.
Thermax is carrying out the related-party acquisition on an arm’s length basis for ₹16.71 crore and expects to complete the process within 30 days.
Expanding Presence in Clean Energy
Thermax, a key player in the technology, engineering, procurement, and construction (TEPC) space, focuses on energy and environmental solutions, including bio-CNG projects. This acquisition reinforces the company’s commitment to expanding its clean energy portfolio and driving sustainable innovation.
TBSPL’s Rapid Growth Since Inception
Incorporated in August 2022, TBSPL has delivered exceptional performance in a short span. Its turnover surged from ₹48.04 crore in 2023 to ₹569.80 crore in FY 2025, marking it as a significant growth driver for Thermax’s renewable energy strategy.
Strong Financial Momentum
Thermax’s FY 2024–25 results reflect robust revenue growth, primarily fueled by its energy solutions segment. The company has consistently reported healthy earnings and solid order inflows across bioenergy and environmental management sectors.
The acquisition notice did not disclose specific quarterly profit or loss figures. However, institutional investors continue to regard Thermax highly for its focus on sustainability and resilient financial performance.
Accelerating the Sustainability Agenda
As reported by investeepedia.com, with full ownership of TBSPL, Thermax aims to accelerate innovation in bioenergy, enhance renewable energy capabilities, and develop scalable solutions to meet India’s growing demand for clean energy. This move positions the company to capture emerging opportunities in the global transition toward sustainable technologies.
