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Thermax acquires 33% stake in alternative energy firm First Energy

The agreement envisages stage-wise acquisition of First Energy, which uses biomass and gasification technology for commercial applications, by Thermax over the next 4-6 years

BS B2B Bureau  |  Pune 

Boiler that runs on biomass energy; Image courtesy: First Energy

Limited, an engineering solution provider in the energy and environment sectors, has signed an agreement to acquire 33 percent stake in Private Limited, an solutions company based in Pune. The agreement envisages stage-wise acquisition of by over the next four to six years.
 
focuses on consumers in the commercial and home cooking segments. Its brand Oorja, a combination of a micro-stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. has recorded revenues of Rs 42 crore in 2014-15.


 
"We are happy to be associated with First Energy, a growing entrepreneurial company managed by committed professionals. The partnership offers synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions,” commented M S Unnikrishnan, MD & CEO,
 
Mahesh Yagnaraman, co-founder and CEO of Private Limited, 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 to scale up faster, building on our passion to innovate and enhance consumer satisfaction.”
 
Private Limited applies and technology to heating applications; specifically home and commercial cooking. It caters to consumers in India through their brand ‘Oorja’ which consists of a stove and a fuel – made from pelletised agri-residue. The stove uses technology, developed and patented by the Indian Institute of Science, Bangalore.
 
The Rs 5500-crore Group provides integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals in 75countries across the world. 

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Thermax acquires 33% stake in alternative energy firm First Energy

The agreement envisages stage-wise acquisition of First Energy, which uses biomass and gasification technology for commercial applications, by Thermax over the next 4-6 years

The agreement envisages stage-wise acquisition of First Energy, which uses biomass and gasification technology for commercial applications, by Thermax over the next 4-6 years Limited, an engineering solution provider in the energy and environment sectors, has signed an agreement to acquire 33 percent stake in Private Limited, an solutions company based in Pune. The agreement envisages stage-wise acquisition of by over the next four to six years.
 
focuses on consumers in the commercial and home cooking segments. Its brand Oorja, a combination of a micro-stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. has recorded revenues of Rs 42 crore in 2014-15.
 
"We are happy to be associated with First Energy, a growing entrepreneurial company managed by committed professionals. The partnership offers synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions,” commented M S Unnikrishnan, MD & CEO,
 
Mahesh Yagnaraman, co-founder and CEO of Private Limited, 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 to scale up faster, building on our passion to innovate and enhance consumer satisfaction.”
 
Private Limited applies and technology to heating applications; specifically home and commercial cooking. It caters to consumers in India through their brand ‘Oorja’ which consists of a stove and a fuel – made from pelletised agri-residue. The stove uses technology, developed and patented by the Indian Institute of Science, Bangalore.
 
The Rs 5500-crore Group provides integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals in 75countries across the world. 
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Business Standard
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Thermax acquires 33% stake in alternative energy firm First Energy

The agreement envisages stage-wise acquisition of First Energy, which uses biomass and gasification technology for commercial applications, by Thermax over the next 4-6 years

Limited, an engineering solution provider in the energy and environment sectors, has signed an agreement to acquire 33 percent stake in Private Limited, an solutions company based in Pune. The agreement envisages stage-wise acquisition of by over the next four to six years.
 
focuses on consumers in the commercial and home cooking segments. Its brand Oorja, a combination of a micro-stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. has recorded revenues of Rs 42 crore in 2014-15.
 
"We are happy to be associated with First Energy, a growing entrepreneurial company managed by committed professionals. The partnership offers synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions,” commented M S Unnikrishnan, MD & CEO,
 
Mahesh Yagnaraman, co-founder and CEO of Private Limited, 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 to scale up faster, building on our passion to innovate and enhance consumer satisfaction.”
 
Private Limited applies and technology to heating applications; specifically home and commercial cooking. It caters to consumers in India through their brand ‘Oorja’ which consists of a stove and a fuel – made from pelletised agri-residue. The stove uses technology, developed and patented by the Indian Institute of Science, Bangalore.
 
The Rs 5500-crore Group provides integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals in 75countries across the world. 

image
Business Standard
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