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Thermax Limited, an engineering solution provider in the energy and environment sectors, has signed an agreement to acquire 33 percent stake in First Energy Private Limited, an alternative energy solutions company based in Pune. 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. Its 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. First Energy 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 Thermax synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions,” commented M S Unnikrishnan, MD & CEO, Thermax.
Mahesh Yagnaraman, co-founder and CEO of First Energy Private Limited, said, “As a leader in heat transfer technologies and applications, Thermax 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.”
First Energy Private Limited applies biomass and gasification technology to heating applications; specifically home and commercial cooking. It caters to consumers in India through their brand ‘Oorja’ which consists of a biomass stove and a fuel – made from pelletised agri-residue. The stove uses biomass gasification technology, developed and patented by the Indian Institute of Science, Bangalore.
The Rs 5500-crore Thermax 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.