Thermax Infuses Rs 29.17 Crore In Investment Holding Arm For Funding Indonesian Unit

Energy and environment solutions provider Thermax on Wednesday announced an equity infusion of Rs 29.17 crore in its arm Thermax Engineering Singapore Pte Ltd for further investment into a step-down subsidiary.

Thermax Engineering Singapore Pte. Ltd, (TESPL), a wholly-owned investment holding arm of Thermax, will further invest in its subsidiary PT Thermax International, Indonesia (PTTI), Thermax stated in an exchange filing.

These companies (PTTI and TESPL) shall continue to be wholly owned subsidiaries of the Company (Thermax).

The PTTI is in the business of designing, manufacturing, selling and doing service on boilers and associated equipment within the energy market. Its turnover was Rs 117.45 crore in the year ended on March 31, 2023.

TESPL’s turnover as of March 31, 2023 was Rs 7.23 crore.

Thermax shares closed 0.50% lower at ₹2,710 on the BSE.