Thermax Limited has announced a major contract win through its wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES). The company disclosed this significant development under Regulation 30 of the SEBI Listing Regulations, following the contract signing for a breakthrough boiler package supply order.

Contract Details and Scope

TBWES has secured a substantial contract worth approximately ₹1600 crore from a leading thermal power projects company in Central India. The contract encompasses comprehensive services for a 1 × 800 MW ultra-supercritical thermal power plant.

Technical Specifications and Services

The contract involves a comprehensive range of services for the boiler package of the thermal power plant. TBWES will be responsible for multiple critical aspects of the project implementation.

The scope of work includes:

• Manufacturing of boiler package components
• Supply of complete boiler package
• Supervision of installation and commissioning
• Performance testing of the boiler package

Management Commentary

Ashish Bhandari, MD & CEO of Thermax, commented on this significant achievement: "This order marks a significant breakthrough for Thermax and reinforces our proven capabilities in large scale energy solutions. We thank our customer for their trust in Thermax and look forward to delivering this project with accelerated timelines and successful execution."

Project Timeline and Execution

The execution timeline for this major contract will be aligned with project milestones and delivery schedules as defined in the contract agreement. The project represents a significant addition to TBWES's order book and reinforces the company's position in the thermal power sector.

Regulatory Compliance

Thermax Limited has fulfilled all disclosure requirements under SEBI regulations for material contracts. The company filed the regulatory disclosure ensuring complete transparency in the business arrangement and compliance with listing obligations.

India Cements has announced the acquisition of a 10.76% equity stake in First Energy 8 Private Limited (FE8PL), a subsidiary of Thermax, through a share subscription and shareholders agreement. The cement manufacturer disclosed the transaction in a regulatory filing dated March 16, 2026, highlighting its strategic move to secure green energy supply and optimize operational costs.

Acquisition Details

The acquisition involves India Cements entering into both a Captive Power Agreement and Share Subscription and Shareholders Agreement with FE8PL, a company engaged in generation and transmission of renewable energy. The transaction is structured to meet India Cements' green energy requirements while ensuring compliance with regulatory mandates for captive power consumption under electricity laws.

Strategic Rationale

The acquisition aligns with India Cements' sustainability objectives and operational efficiency goals. The company aims to meet its green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption under electricity laws. FE8PL operates as a special purpose vehicle that will supply 21.84 MW wind power on a group captive basis from its project located at Mondipatti, Tamil Nadu.

Target Company Profile

First Energy 8 Private Limited, incorporated on August 10, 2023, maintains its registered office at Fountainhead Tower 1, Viman Nagar, Pune. The company serves as a special purpose vehicle focused on renewable energy generation and transmission. As a relatively new entity, FE8PL reported nil turnover for both financial years 2023-24 and 2024-25.

Regulatory Compliance

India Cements confirmed that the proposed acquisition does not constitute a related party transaction, with no promoter or group company interests in the target entity. The transaction requires no specific governmental or regulatory approvals and is expected to complete within 180 days from the execution of the agreements. The acquisition represents India Cements' commitment to sustainable energy practices while maintaining operational cost efficiency through captive power arrangements.