Thermax invests ₹115 crore in renewable energy subsidiary First Energy

Thermax Limited has infused an additional ₹115 crore in First Energy Private Limited (FEPL), a wholly-owned subsidiary, to further invest in First Energy 10 Private Limited (FE10), also a wholly-owned subsidiary of FEPL. This equity infusion aims to support new projects to be undertaken by FE10, a Special Purpose Vehicle (SPV) focused on renewable energy initiatives. The allotment of equity shares in respect of this investment has been completed as of September 9, 2025.

FEPL is engaged in renewable energy, offering sustainable solutions in solar, wind, and hybrid energy storage for commercial and industrial segments. As of March 31, 2025, FEPL reported a turnover of ₹4,911.27 Lakhs, while FE10, incorporated on March 23, 2024, had nil turnover.

The investment involves the acquisition of 115,000,000 equity shares of ₹10 each in FEPL by Thermax, and an equivalent number of shares by FEPL in FE10. Both FEPL and FE10 are related parties, and the investment is conducted on an arm's length basis.