Business Standard

Thermax to acquire 33% stake in First Energy

Press Trust of India  |  New Delhi 

Engineering solutions provider today said it will acquire 33 per cent stake in First Energy Pvt Ltd.

"The agreement envisages stage-wise of First Energy by over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments," said in a filing to the



First Energy's brand Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel, it added.

First Energy, which is an alternative energy solutions company, had posted Rs 42 crore revenue in 2014-15.

The companies, however, did not disclose the financial details of the deal.

"We are happy to be associated with First Energy. The partnership offers synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions," MD & CEO M S Unnikrishnan said.

Mahesh Yagnaraman, co-founder and CEO of First Energy, said, "As a leader in heat transfer technologies and applications, is a valuable strategic partner for us.

"We are confident that this partnership will enable Oorja to scale up faster, building on our passion to innovate and enhance consumer satisfaction.

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Thermax to acquire 33% stake in First Energy

Engineering solutions provider Thermax today said it will acquire 33 per cent stake in First Energy Pvt Ltd. "The agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments," Thermax said in a filing to the BSE. First Energy's brand Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel, it added. First Energy, which is an alternative energy solutions company, had posted Rs 42 crore revenue in 2014-15. The companies, however, did not disclose the financial details of the deal. "We are happy to be associated with First Energy. The partnership offers Thermax synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions," Thermax MD & CEO M S Unnikrishnan said. Mahesh Yagnaraman, co-founder ... Engineering solutions provider today said it will acquire 33 per cent stake in First Energy Pvt Ltd.

"The agreement envisages stage-wise of First Energy by over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments," said in a filing to the

First Energy's brand Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel, it added.

First Energy, which is an alternative energy solutions company, had posted Rs 42 crore revenue in 2014-15.

The companies, however, did not disclose the financial details of the deal.

"We are happy to be associated with First Energy. The partnership offers synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions," MD & CEO M S Unnikrishnan said.

Mahesh Yagnaraman, co-founder and CEO of First Energy, said, "As a leader in heat transfer technologies and applications, is a valuable strategic partner for us.

"We are confident that this partnership will enable Oorja to scale up faster, building on our passion to innovate and enhance consumer satisfaction.
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Business Standard
177 22

Thermax to acquire 33% stake in First Energy

Engineering solutions provider today said it will acquire 33 per cent stake in First Energy Pvt Ltd.

"The agreement envisages stage-wise of First Energy by over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments," said in a filing to the

First Energy's brand Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel, it added.

First Energy, which is an alternative energy solutions company, had posted Rs 42 crore revenue in 2014-15.

The companies, however, did not disclose the financial details of the deal.

"We are happy to be associated with First Energy. The partnership offers synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions," MD & CEO M S Unnikrishnan said.

Mahesh Yagnaraman, co-founder and CEO of First Energy, said, "As a leader in heat transfer technologies and applications, is a valuable strategic partner for us.

"We are confident that this partnership will enable Oorja to scale up faster, building on our passion to innovate and enhance consumer satisfaction.

image
Business Standard
177 22