ISGEC Heavy Engineering has appointed Gaurav Sharma as Business Head for its Global Industrial Services and Solutions division, effective August 03, 2026. The appointment strengthens the company’s leadership in its services segment, with Sharma tasked to oversee Operations & Maintenance, Retrofit & Modernization, Services, Spares, and Digitization activities. This move signals ISGEC’s focus on expanding its industrial services portfolio under experienced management.

The appointment was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee. The company disclosed the change in senior management pursuant to Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was also issued in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Profile of the New Business Head

Gaurav Sharma brings 25 years of experience in business management, business development, sales and marketing, value stream mapping, and people management. He holds a bachelor’s degree in mechanical engineering and a Master of Business Administration (MBA). Prior to joining ISGEC Heavy Engineering Limited, Sharma held key leadership positions at Thermax Global Limited, GE Power, and STEAG Energy.

Key Appointment Details

The appointment does not involve any relationships between directors, as confirmed in the disclosure filed with the Bombay Stock Exchange and the National Stock Exchange of India Limited. The details were uploaded on the company’s website on August 03, 2026.

Isgec Heavy Engineering Limited has successfully completed the sale of a 25% stake in its joint venture, Isgec SFW Boilers Private Limited, to Sumitomo SHI FW Energia Oy for ₹4 crore. The transaction, finalized on June 25, 2026, reduces the company's shareholding in the joint venture from 51% to 26%. Consequently, Isgec SFW Boilers has ceased to be a subsidiary of Isgec Heavy Engineering Limited and has been reclassified as an associate company. The joint venture will continue to operate as a partnership between Isgec Heavy Engineering Limited and Sumitomo SHI FW Energia Oy.

The agreement for the sale of 5,00,000 equity shares was initially signed on May 08, 2026. The completion of this transfer marks a strategic shift in the company's investment structure while maintaining the joint venture relationship with the Finnish partner. The consideration of ₹4 crore was received for the transfer of the shares, representing 25% of the paid-up share capital of the target company.

Financial Impact of the Joint Venture

For the financial year ended March 31, 2025, Isgec SFW Boilers Private Limited contributed marginally to the consolidated financials of Isgec Heavy Engineering Limited. The joint venture's turnover and net worth represented a small percentage of the consolidated totals.

Transaction Details

The sale was executed pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The buyer, Sumitomo SHI FW Energia Oy, is an existing joint venture partner and does not belong to the promoter or promoter group of Isgec Heavy Engineering Limited. The transaction was not classified as a related party transaction and was conducted at arm's length.

The expected date of completion for the sale was initially set for June 30, 2026, but the transfer was concluded ahead of schedule on June 25, 2026. The requisite details regarding the transaction were disclosed in accordance with SEBI Circular No. H0/49/14/14(7)2025-CFDPD2/1/3762/2026 dated January 30, 2026.