Thermax Limited , a leading energy and environment solutions provider, has announced significant corporate actions aimed at streamlining operations and bolstering its group companies. The company's board, in a meeting held on October 17, 2025, approved three major decisions that could reshape its corporate structure and strengthen its market position.

Merger with Buildtech Products India Private Limited

The board has given the green light to a scheme of merger by absorption of its wholly-owned subsidiary, Buildtech Products India Private Limited (Buildtech), with Thermax Limited. This merger, subject to necessary approvals including that of the National Company Law Tribunal (NCLT), is set with an appointed date of April 1, 2025.

Buildtech, which was acquired by Thermax in October 2024, specializes in manufacturing and trading construction materials and chemicals. As of March 31, 2025, Buildtech reported:

The merger is expected to bring several benefits, including:

• Consolidation of business operations
• Enhanced synergies and efficiency
• Simplification of group structure
• Reduction in regulatory compliances
• Cost savings in administrative and managerial expenses

As Buildtech is a wholly-owned subsidiary, no shares will be issued as consideration for the merger, and Buildtech's shares held by Thermax will be cancelled upon the scheme becoming effective.

Investment in Chemical Solutions Subsidiary

Thermax has approved an equity investment of Rs 40 crore in Thermax Chemical Solutions Private Limited (TCSPL), its wholly-owned subsidiary. This investment is earmarked for further investment in Fortmax Chemicals India Private Limited (FCIPL), a subsidiary of TCSPL.

FCIPL, incorporated on April 11, 2025, is engaged in the manufacturing, trading, marketing, and selling of specialty chemicals and products. The investment aims to meet capital expenditure and operational expenses of FCIPL, potentially strengthening Thermax's position in the specialty chemicals sector.

Support for Bio CNG Business

The board has also approved support of up to Rs 42 crore, either as equity or loan, to Enernxt Private Limited, a wholly-owned step-down subsidiary of Thermax. This support will be provided through Thermax Onsite Energy Solutions Limited (TOESL), a wholly-owned subsidiary of Thermax.

TOESL, which supplies steam and heat through biomass boilers, has shown significant growth over the past three years:

Enernxt, incorporated on January 5, 2021, is involved in the supply of Bio CNG Gas. The investment is intended to support its capital expenditure and operational expenses, potentially boosting Thermax's footprint in the renewable energy sector.

These strategic moves by Thermax Limited underscore the company's focus on consolidating its operations, enhancing its chemical solutions business, and expanding its presence in the renewable energy sector. As these decisions unfold, stakeholders will be watching closely to see how they impact Thermax's market position and financial performance in the coming years.

Thermax Limited , a prominent engineering solutions provider, has announced a significant change in its corporate structure. The company's step-down subsidiary, Fortmax Chemicals India Private Limited (FCIPL), has undergone an ownership restructuring, ceasing to be a wholly owned entity of Thermax.

Key Details of the Restructuring

• Share Allotment: FCIPL's Board of Directors approved the allotment of 44,10,000 equity shares to Oswaldo Cruz Química Indústria e Comércio Ltda., Brazil (OCQ).
• Share Specifics: The allotted shares have a face value of Rs. 10 each and were issued at par.
• Ownership Change: This allotment represents 49% of FCIPL's equity share capital.

New Shareholding Structure

Following the restructuring, the revised shareholding pattern of FCIPL is as follows:

Impact and Implications

• Subsidiary Status: As a result of this transaction, FCIPL is no longer a wholly owned step-down subsidiary of Thermax Limited.
• Strategic Partnership: The move suggests a potential strategic alliance with the Brazilian company, OCQ, in the chemical sector.
• No Promoter Benefit: Thermax Limited has explicitly stated that there are no benefits to the promoter, promoter group, or group companies from this restructuring.

Regulatory Compliance

Thermax Limited has duly informed the stock exchanges about this development, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This restructuring marks a significant change in Thermax's subsidiary ownership structure and could potentially influence the company's operations in the chemical solutions segment. Investors and market watchers will likely keep a close eye on how this partnership develops and its impact on Thermax's overall business strategy.