Thermax Limited has announced a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL) through a Memorandum of Understanding signed at India Energy Week 2026. The collaboration, formalized on January 29, 2026, in Goa, marks a significant step toward advancing sustainable energy solutions in India.

Strategic Collaboration Framework

The MoU establishes a comprehensive partnership between the leading energy and environment solutions provider and the Maharatna Public Sector Enterprise. The collaboration encompasses multiple areas of sustainable energy development:

Partnership Objectives

The strategic alliance aims to exchange scientific information, conduct joint research, and encourage demonstration and deployment of sustainable energy technologies. This collaboration is designed to accelerate the deployment of indigenous, sustainable energy technologies while significantly advancing India's "Make in India" vision.

Leadership Perspective

Ashish Bhandari, MD & CEO of Thermax Limited, emphasized the importance of partnerships in India's energy transition. He stated that the collaboration combines Thermax's technology and product expertise with HPCL's complementary R&D capabilities, operational excellence, and scale. The partnership will advance solutions across green hydrogen, carbon capture, and bio-based fuels, accelerating the journey from innovation to on-ground implementation.

Company Profiles

Thermax Limited Infrastructure

Thermax Limited operates as a leading conglomerate in the energy and environment space, serving as a trusted partner in energy transition. The company's extensive portfolio includes:

• Clean air solutions
• Clean energy technologies
• Clean water systems
• Chemical solutions

The company operates 16 manufacturing facilities across India, Europe, and Southeast Asia, supported by 45+ Indian and international subsidiaries.

HPCL's Operational Network

HPCL maintains a comprehensive infrastructure network across India, including:

The company operates two oil refineries on India's East and West Coasts and holds stakes in HMEL and MRPL joint venture refineries, with a greenfield Joint Venture refinery under construction in Rajasthan.

Strategic Impact

This partnership aligns with India's energy transition and climate objectives, focusing on the development and deployment of sustainable energy technologies. The collaboration leverages both companies' strengths to create solutions that support India's growing energy needs while promoting environmental sustainability and indigenous technology development.

Thermax Limited has announced the incorporation of a wholly owned step-down subsidiary in Saudi Arabia, marking another milestone in the company's international expansion strategy. The new entity, Thermax Energy Solutions Company, received its Certificate of Incorporation from the Ministry of Commerce, Saudi Arabia on January 28, 2026.

Subsidiary Structure and Ownership

The incorporation was carried out by Thermax Babcock and Wilcox Energy Solutions Limited (TBWES), which is a wholly owned subsidiary of Thermax Limited. This structure makes Thermax Energy Solutions Company a wholly owned step-down subsidiary of the parent company.

Business Operations and Capital Structure

The newly incorporated entity will focus on providing comprehensive support services to its parent organization. The main activities of Thermax Energy Solutions Company include:

• On-site services and maintenance operations
• Supervision related services
• Marketing support to parent entity

The company plans to infuse capital of 25,00,000 INR into the Saudi Arabian subsidiary in due course to support its operational requirements.

Regulatory Compliance

Thermax Limited has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both BSE Limited and National Stock Exchange of India Limited about this corporate development.

As a newly incorporated wholly owned step-down subsidiary, Thermax Energy Solutions Company will be classified as a related party under regulatory frameworks. The incorporation aligns with standard corporate governance practices and regulatory requirements for listed entities expanding their international operations.

Strategic Implications

This incorporation represents Thermax's continued focus on strengthening its presence in the Middle East region. The establishment of a dedicated entity in Saudi Arabia will enable the company to provide localized services and support to its operations in the region, potentially enhancing operational efficiency and customer service capabilities.