Thermax incorporates wholly-owned step-down subsidiary, Fortmax Chemicals India

Thermax Limited (BSE: THERMAX) has announced the incorporation of a new wholly-owned step-down subsidiary, Fortmax Chemicals India Private Limited (FCIPL), effective April 11, 2025. The Ministry of Corporate Affairs issued the certificate of incorporation, making FCIPL an official part of the Thermax group. FCIPL's authorized share capital is INR 15 crores, divided into 1,50,00,000 equity shares of INR 10 each, with an initial paid-up capital of INR 4,59,00,000. FCIPL will operate in the chemical business, though it is yet to commence business operations. Thermax confirmed that the acquisition falls within related party transaction guidelines, given FCIPL's status as a subsidiary. The initial subscription amount of INR 4,59,00,000 will be paid in cash, and Thermax controls 100% of the shares.