Thermax acquires balance 24% stake in First Energy

Thermax has acquired remaining 24% stake in First Energy (FEPL) effective 21 December 2020.

Accordingly, the equity shareholding of the company in FEPL stands increased to 100% from 76% stake, making it a wholly owned subsidiary of the company.

FEPL is an alternative energy solution company and is engaged in the business of manufacture & supply of biomass pellets, gasification technology and cooking stoves. It caters to consumers in India through their brand 'Oorja,' which consists of a biomass stove and a fuel-made from pelletized agri-residue. The stove uses biomass gasification technology, developed and patented by the Indian Institute of Science, Bangalore.

FEPL is a subsidiary of Thermax wherein Thermax was holding 76% of its paid-up share capital before the date of this acquisition. Thermax signed the agreement on 15 July 2015 for stage-wise acquisition of FEPL, which completed on 21 December 2020.

Shares of Thermax declined 2.27% to Rs 887.

Thermax, a leading energy and environment solutions provider is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and South East Asia.

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