Thermax enters JV with SPX Corporation

Energy solutions provider Thermax Ltd has formed a joint venture company with USA-based SPX Corporation to assemble and manufacture electrostatic precipitators and other equipments required in power generation plants with more than 300MW capacity. The 51:49 joint venture company in favour of Thermax would see an initial investment of Rs 25 crore and would be based in Pune, the officials of a both companies said at a press conference.

Thermax managing director MS Unnikrishnan and SPX Thermal Equipment and Services president Drew Ladau signed the joint venture agreement here on Wednesday. The newly formed company would manufacture critical emission control parts of a power plant like electrostatic precipitators, fabric filters and rotary heat exchangers. "Initially, we will import few components required to manufacture these equipments. Later on, the equipments would be made indigenously," said Unnikrishnan.

 

Thermax already has a strategic agreement with Balcke-Durr GmbH, a fully owned subsidiary of SPX Corporation, for manufacturing of electronic precipitators for thermal power plants below 300MW capacity. The new joint venture would also operate through the same subsidiary Balcke-Durr GmbH. "There are more than 148 new power generation plants being set up across India. We want to draw business from all of these projects," Unnikrishnan stated.