Thermax announces mergers, investments to streamline structure

Thermax Limited announced on October 17, 2025, that its board of directors approved a scheme of merger by absorption of its wholly-owned subsidiary, Buildtech Products India Private Limited, with Thermax Limited. This merger, subject to regulatory approvals, aims to consolidate businesses, enhance synergies, and simplify the group structure. Buildtech, acquired by Thermax in October 2024, manufactures and trades construction materials and chemicals. As of March 31, 2025, Buildtech reported a paid-up equity share capital of INR 1.5 crores, net worth of INR 20.9 crores, and total income of INR 28.6 crores. No shares will be issued, and Thermax's shareholding pattern will remain unchanged.

In addition, Thermax approved an INR 40 crores equity investment in Thermax Chemical Solutions Private Limited (TCSPL), a wholly-owned subsidiary, for further investment into Fortmax Chemicals India Private Limited (FCIPL), a subsidiary of TCSPL. FCIPL manufactures and sells specialty chemicals. Both TCSPL and FCIPL reported nil turnover as of March 31, 2025.

Furthermore, the board approved up to INR 42 crores in equity or loan support for Enernxt Private Limited, a wholly-owned step-down subsidiary of Thermax through Thermax Onsite Energy Solutions Limited (TOESL). Enernxt supplies Bio CNG Gas and reported nil turnover for 2025.