Thermax Limited announced a ₹115-crore equity infusion into its wholly-owned subsidiary, First Energy Private Limited (FEPL), to support further investment in its step-down subsidiary, First Energy 10 Private Limited (FE10). The allotment of equity shares in both FEPL and FE10 was completed on the same day.
First Energy Driving Green Solutions
FEPL focuses on renewable energy solutions and assists commercial and industrial customers in their transition toward sustainable energy. Its offerings include solar, wind, wind-solar hybrid systems, and storage batteries. As of March 31, 2025, FEPL reported a turnover of ₹4,911.27 lakh, while FE10, incorporated on March 23, 2024, has not yet reported any turnover.
Funding New Renewable Projects
Thermax made the investment to finance new renewable energy projects through FE10. Importantly, these projects do not require any governmental or regulatory approvals. Thermax completed the transaction entirely in cash by acquiring 11,50,00,000 equity shares of ₹10 each in FEPL, which then acquired the same number of shares in FE10.
Maintaining Control
The transaction does not alter the shareholding structure or control, ensuring that Thermax continues to retain full ownership and oversight over both FEPL and FE10. As reported by cnbctv18.com, the strategic move reinforces Thermax’s commitment to accelerating renewable energy adoption and supporting sustainable growth in the sector.
