|
|
| Line 1: |
Line 1: |
| {{Short description|Indian Engineering company}} | | {{Short description|Indian multinational engineering company}} |
| {{Use Indian English|date=August 2021}} | | {{Use Indian English|date=August 2021}} |
| {{Use dmy dates|date=October 2013}} | | {{Use dmy dates|date=July 2024}} |
| {{Infobox company | | {{Infobox company |
| | name = Thermax | | | name = Thermax |
| Line 11: |
Line 11: |
| *{{NSE|THERMAX}}}} | | *{{NSE|THERMAX}}}} |
| | ISIN = INE152A01029 | | | ISIN = INE152A01029 |
| | industry = {{plainlist| | | | industry = [[Conglomerate (company)|Conglomerate]] |
| *[[Natural environment|Environment]]
| |
| *[[Energy]]
| |
| *[[Chemical]]}}
| |
| | foundation = {{start date and age|1980}} | | | foundation = {{start date and age|1980}} |
| | location = [[Pune]], [[Maharashtra]] | | | location = [[Pune]], Maharashtra |
| | location_country = India | | | location_country = India |
| | area_served = Worldwide | | | area_served = Worldwide |
| Line 22: |
Line 19: |
| *Meher Pudumjee ([[Chairperson]]) | | *Meher Pudumjee ([[Chairperson]]) |
| *Ashish Bhandari ([[Managing director|MD]])}} | | *Ashish Bhandari ([[Managing director|MD]])}} |
| | products = Integrated products in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. | | | products = Integrated products in the areas of clean air, clean energy, clean water and chemicals. |
| | revenue = {{increase}} {{INRConvert|55.02|b}} (2016)<ref name="thermaxindia.com">http://www.thermaxglobal.com/investor-relations/pdf/NSEAFR2016.pdf {{Bare URL PDF}}</ref> | | | revenue = {{increase}} {{INRConvert|9323|c}} (2024) |
| | operating_income = {{increase}} {{INRConvert|3.89|b}} (2016)<ref name="thermaxindia.com"/>
| | | profit = {{increase}} {{INRConvert|206|c}} (2021) |
| | profit = {{increase}} {{INRConvert|2.75|b}} (2016)<ref name="thermaxindia.com"/> | | | assets = {{increase}} {{INRConvert|6506|c}} (2021) |
| | assets = {{increase}} {{INRConvert|62.36|b}} (2016)<ref name="thermaxindia.com"/> | | | equity = {{increase}} {{INRConvert|3251|c}} (2021) |
| | equity = {{increase}} {{INRConvert|23.55|b}} (2016)<ref name="thermaxindia.com"/> | |
| | num_employees = | | | num_employees = |
| | homepage = {{url|www.thermaxglobal.com}} | | | homepage = {{URL|www.thermaxglobal.com}} |
| }} | | }} |
|
| |
|
| '''Thermax Ltd''' is an Indian [[engineering]] company, involved in [[energy]] and [[Natural environment|environment]], headquartered in [[Pune]]. Thermax’s business portfolio includes products for [[heating]], [[cooling]], [[water]] and [[waste management]], and [[specialty chemicals]]. The company also designs, builds and commissions large boilers for steam and [[power generation]], turnkey power plants, industrial and municipal wastewater treatment plants, waste heat recovery systems and air pollution control projects. | | '''Thermax Ltd''' is an Indian multinational [[engineering]] conglomerate, involved in [[clean air]], [[clean energy]] and [[clean water]], headquartered in [[Pune]].<ref>{{Cite book |last1=Ghoshal |first1=Sumantra |url=https://books.google.com/books?id=DzRR9Q8MVoYC&dq=thermax+pune&pg=PA97 |title=Managing Radical Change: What Indian Companies Must Do to Become World-class |last2=Piramal |first2=Gita |last3=Bartlett |first3=Christopher A. |date=2002 |publisher=Penguin Books India |isbn=978-0-14-100022-0 |pages=97}}</ref> |
| | |
| It was founded as a family concern in 1966 by A. S. Bhathena and later taken over by his son-in-law, Rohinton D. Aga (R. D. Aga), who served as the Chairman and Managing Director until his death in 1996. The company went public in 1995. After his death, R. D. Aga's wife, [[Anu Aga]], who was heading HR at the time, became the chairperson.
| |
| | |
| [[Anu Aga]] was the chairperson of the company from 1996 to 2004, till she handed over the reins to her daughter, [[Meher Pudumjee]].<ref>{{cite news |title= Anu Aga passes Thermax baton to new chairperson|url=http://www.indianexpress.com/oldStory/56382/ |work=[[The Indian Express]] |date=5 October 2004 }}</ref> In 2007, [[Anu Aga]] made it to the List of Richest Indians by Net Worth according to ''[[Forbes]]'' magazine.<ref name=fo>{{cite news |title= India's Richest |url=https://www.forbes.com/lists/2007/77/biz_07india_Indias-Richest_Rank_2.html |date=14 November 2007 |work=[[Forbes]]|page=2}}</ref><ref>{{cite news |title=Anu Aga and triumph of the spirit |url=http://timesofindia.indiatimes.com/city/Anu-Aga-and-triumph-of-the-spirit/articleshow/484592.cms |work=[[The Times of India]] |date=9 February 2004 |first1=Pooja |last1=Vashisht}}</ref>
| |
| | |
| [[Ashish Bhandari]] is currently the MD and CEO of the company.<ref>{{Cite web|url=https://hr.economictimes.indiatimes.com/news/industry/ashish-bhandari-takes-over-as-mdceo-of-thermax/77874213|title = Ashish Bhandari takes over as MD & CEO of Thermax - ETHRWorld}}</ref>
| |
|
| |
|
| == History == | | == History == |
| | Thermax was founded by A. S. Bhathena in 1966 as Wanson India Ltd, manufacturing [[package boiler]]s. The company subsequently began manufacturing equipment related to [[cogeneration]], air pollution control, [[water treatment]] and [[absorption refrigeration]] among others.<ref>{{cite news |title=Thermax Limited |url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ThermaxLimited_December%2020_%202024_RR_356311.html |access-date=8 May 2025 |work=CRISIL}}</ref><ref>{{cite news | url=http://economictimes.indiatimes.com/thermax-ltd/infocompanyhistory/companyid-8165.cms | work=The Times of India | title=Thermax Ltd | access-date=18 February 2011 | archive-date=16 October 2012 | archive-url=https://web.archive.org/web/20121016170613/http://economictimes.indiatimes.com/thermax-ltd/infocompanyhistory/companyid-8165.cms | url-status=live }}</ref><ref name="test"/> |
|
| |
|
| Thermax manufactures boilers to harness the power of steam. The company started with producing small, once-through, "baby" boilers to cater to the steam requirements at hospitals. It was established in 1966, when [[A. S. Bhathena]] collaborated with a Belgian company, [[Wanson]], to commence business operations in [[Dadar]], [[Mumbai]], [[India]] as [[Wanson India Ltd.]], manufacturing small boilers.<ref>{{cite news| url=http://economictimes.indiatimes.com/thermax-ltd/infocompanyhistory/companyid-8165.cms | work=The Times of India | title=Thermax Ltd}}</ref>
| | In 1981, Bhathena was succeeded by his son-in-law Rohinton Aga as chairman. In February 1995, the company went public and listed on the [[Bombay Stock Exchange]]. After Aga's death in 1996, his wife [[Anu Aga]] took over the operations.<ref name="test">{{cite news |last1=Chaliawala |first1=Nehal |title=Thermax's big test: Can its energy transition bets revive investor confidence? |url=https://www.livemint.com/companies/thermax-steam-renewable-energy-anu-aga-meher-pudumjee-shareholder-investors-revenue-margins-11745840686686.html |access-date=8 May 2025 |work=Mint |date=28 April 2025 |language=en}}</ref> |
| | |
| In the 1970s, [[Wanson India Ltd.]] introduced [[Vaporax]] boilers that generated instant steam. The oil shock saw the firm introducing [[Multitherm]], a boiler that led the shift of the Indian industrial market to solid-fuel fired boilers. The company went on to build water treatment systems for boilers, chemicals to support them and air pollution control systems to contain boiler emissions. The company was renamed in 1981 as [[Thermax Pvt. Limited]]. | |
| | |
| In the 1980s and 1990s, Thermax branched off into [[waste heat recovery unit|waste heat recovery]], absorption cooling and power generation. It went public in 1995.
| |
| | |
| Thermax played a key role in the country’s energy shifts – from oil to coal and biomass, to waste heat, solar and other forms of clean energy. In 1987, it started making vapor absorption machines in collaboration with [[Sanyo]] of [[Japan]]. It formed a joint venture in 1988 with [[Babcock & Wilcox]], [[USA]], who make boilers, to make [[Water-tube boiler|steam generation]] units for [[heat recovery steam generator]]s ([[HRSG]]s).<ref>{{cite news|url=https://www.forbes.com/feeds/afx/2008/02/12/afx4643428.html|title=India's Thermax, US' Babcock & Wilcox sign industrial boiler licensing deal|date=12 February 2008|work=Forbes}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref> In 1992, it formed the [[Combined Heat and Power Group]].
| |
| | |
| On 15 February 1995 it became a public company on the [[Bombay Stock Exchange]]. It has, since long, been known simply as [[Thermax Limited]].
| |
| | |
| In 2009, it signed a 51–49 joint venture with [[US]] firm [[SPX Corporation]] to provide equipment and services for the Indian<ref>{{cite news|url=https://www.forbes.com/feeds/afx/2009/08/26/afx6815858.html|title=Thermax-SPX JV to have combined investment of 250 mln|date=26 August 2009|work=Forbes}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref> power sector.<ref name="fb">{{cite news|url=https://www.forbes.com/feeds/afx/2009/08/26/afx6815676.html|title=India's Thermax in JV with US firm SPX-signage|date=26 August 2009|work=Forbes}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref>
| |
| | |
| In 2010, it signed a joint venture agreement with [[US]]-based [[Babcock & Wilcox]] to manufacture super-critical boilers for the power sector.[http://www.thehindubusinessline.com/todays-paper/tp-corporate/thermax-babcock-wilcox-ink-deal-for-boiler-venture/article986168.ece]
| |
| | |
| In 2010, Thermax also acquired [[Europe]]an boiler manufacturer, [[Danstroker]] A/S and its [[Germany|German]] subsidiary, [[Omnical Kessel]] for [[Euro|€]]29.5 million.<ref name="htanna">{{cite web|url=http://www.indianexpress.com/news/Thermax-acquires-boiler-maker-Danstroker-A-S--German-subsidiary/709020/|title=Thermax acquires boiler-maker Danstroker A/S, German subsidiary|work=Added new acquisition|accessdate=10 November 2010}}</ref>
| |
| | |
| In 2017, Thermax acquired [[Poland|Polish]] boiler manufacturer, [[Weiss (company)|Weiss]] Sp. z.o.o. in [[Poland]].[http://www.thermaxglobal.com/media/pdf/agreement-to-acquire-a-company-in-Poland.pdf]
| |
| | |
| == Manufacturing Plants ==
| |
| | |
| With a main manufacturing plant in [[Pune]], known earlier as [[Poona]], [[Maharashtra]], [[India]], the company has an R & D setup, involved in technology development and innovation for various applications. Over the years, the company has formed technology partnerships with [[Babcock & Wilcox]], [[USA]] (for supercritical boilers), [[SPX Corporation]], [[USA]] (for energy efficiency systems), [[Lambion Energy Solutions]], [[Germany]] (for combustion systems to generate energy from waste), [[Georgia Pacific]], [[USA]] (for paper chemicals and specialty products) and [[Marsulex Environment Technologies]], [[USA]] (for air pollution control systems). Over the years, Thermax has spread its operations to markets across the world. It has a sales and service network spanning 22 countries around the world. The company has also focused on growth through strategic acquisitions – [[Danstoker]] and [[Boilerworks]] in [[Denmark]], [[Weiss (company)|Weiss]] in [[Poland]] (for boilers and waste heat recovery systems) and [[Rifox]], [[Germany]] (for steam accessories).
| |
| | |
| == Structure ==
| |
| | |
| Its 3 main segments are:<ref>http://www.thermaxindia.com/</ref>
| |
| | |
| * Energy:
| |
| ** Heating,
| |
| ** Cooling,
| |
| ** Power Generation and
| |
| ** Renewable energy.
| |
| * Environment:
| |
| ** Air Pollution Control,
| |
| ** Waste Treatment and
| |
| ** Waste Water Treatment
| |
| * Chemical
| |
| | |
| == Energy Segment Products ==
| |
| | |
| {{Empty section|date=April 2021}}
| |
| | |
| == Heating ==
| |
| | |
| * Large Boilers
| |
| * Fired Heaters
| |
| * Solid fuel fired boilers up to 1,000 tph
| |
| * Agro waste fired boilers up to 1,000 tph
| |
| * Biomass fired boilers up to 1,000 tph
| |
| * Waste to Energy boilers up to 500 tph
| |
| * Oil & Gas fired boilers up to 500 tph
| |
| * Steam boilers
| |
| * Thermal oil heaters
| |
| * Vaporizers
| |
| * Hot water generators
| |
| * Hot air generators
| |
| * High pressure boilers
| |
| * Heat recovery systems
| |
| * Energy plants
| |
| * Solar thermal systems
| |
| | |
| == Cooling ==
| |
| | |
| * Vapor absorption chillers:
| |
| ** Steam
| |
| ** Hot water
| |
| ** Direct
| |
| ** Multi energy fired
| |
| * Heat pumps
| |
| * Hybrid chillers
| |
| * Chiller heater
| |
| * Solar chillers
| |
| | |
| == Power generation ==
| |
| | |
| * Turnkey power plants of up to 300 megawatts (mw) each
| |
| * Complete BOP for power plants of up to 1.2 gigawatts (gw) each
| |
| * Turnkey solutions for gas fired power plants
| |
| * Waste heat recovery based power in cement and iron & steel industries
| |
| * Integrated sustainable solutions for green power
| |
| | |
| == Renewable energy ==
| |
| | |
| * Solar thermal hybrid systems for cooling and heating
| |
| * Solar concentrators
| |
| * Solar photovoltaic systems
| |
| | |
| == Environment segment products ==
| |
| | |
| {{Empty section|date=April 2021}}
| |
| | |
| == Air pollution control ==
| |
| | |
| * Electrostatic precipitators
| |
| * Bag filters
| |
| * Particulate scrubbers
| |
| * Gaseous scrubbers
| |
| * Combo filters
| |
| * Modular gas coolers
| |
| | |
| == Water treatment and waste water treatment ==
| |
| * Water treatment solutions
| |
| * Waste water treatment solutions
| |
| * Standard plants and products
| |
|
| |
|
| == Chemical segment products == | | In 2009, it signed a 51–49 joint venture with [[US]] firm [[SPX Corporation]] to provide equipment and services for the Indian power sector.<ref>{{Cite news|date=2009-08-26|title=Thermax-SPX JV to have combined investment of 250 mln|work=Reuters|url=https://www.reuters.com/article/thermax-jv-investment-idINBMB00839720090826|access-date=2022-02-15|archive-date=15 February 2022|archive-url=https://web.archive.org/web/20220215102451/https://www.reuters.com/article/thermax-jv-investment-idINBMB00839720090826|url-status=live}}</ref><ref name="fb">{{Cite news|date=2009-08-26|title=Thermax in JV with U.S. firm SPX|work=Reuters|url=https://www.reuters.com/article/idINIndia-41984620090826|access-date=2022-02-15|archive-date=15 February 2022|archive-url=https://web.archive.org/web/20220215102447/https://www.reuters.com/article/idINIndia-41984620090826|url-status=live}}</ref> |
| * Ion Exchange resins
| |
| * Water & fuel treatment chemicals
| |
| * Oil field chemicals
| |
| * Paper & pulp chemicals
| |
| * Construction chemicals
| |
| * Speciality chemicals
| |
|
| |
|
| ==TV Appearance== | | In 2010, it signed a joint venture agreement with [[US]]-based [[Babcock & Wilcox]] to manufacture super-critical boilers for the power sector.<ref>{{Cite news|date=2010-03-10|title=Thermax in JV with Babcock & Wilcox|work=Business Standard India|url=https://www.business-standard.com/article/companies/thermax-in-jv-with-babcock-wilcox-110031000146_1.html|access-date=2022-02-15|archive-date=15 February 2022|archive-url=https://web.archive.org/web/20220215102447/https://www.business-standard.com/article/companies/thermax-in-jv-with-babcock-wilcox-110031000146_1.html|url-status=live}}</ref> |
| The CEO at the time along with Thermax featured prominently in an episode of [[The World's Strictest Parents|Worlds Strictest Parents]]
| |
|
| |
|
| == See also == | | == See also == |
| Line 161: |
Line 43: |
|
| |
|
| ==References== | | ==References== |
| {{Reflist|colwidth=30em}} | | {{Reflist}} |
| * [http://beta.profit.ndtv.com/company/show/thermax-ltd Thermax Ltd.] at [[NDTV Profit]]
| | |
| *[https://www.themachinemaker.com/news/ashish-bhandari-managing-director-ceo-thermax Ashish Bhandari to lead Thermax as its Managing Director & CEO] - Machine Maker, August 2020
| |
| {{Authority control}} | | {{Authority control}} |
|
| |
|
Thermax Ltd is an Indian multinational engineering conglomerate, involved in clean air, clean energy and clean water, headquartered in Pune.[1]
Thermax was founded by A. S. Bhathena in 1966 as Wanson India Ltd, manufacturing package boilers. The company subsequently began manufacturing equipment related to cogeneration, air pollution control, water treatment and absorption refrigeration among others.[2][3][4]
In 1981, Bhathena was succeeded by his son-in-law Rohinton Aga as chairman. In February 1995, the company went public and listed on the Bombay Stock Exchange. After Aga's death in 1996, his wife Anu Aga took over the operations.[4]
In 2009, it signed a 51–49 joint venture with US firm SPX Corporation to provide equipment and services for the Indian power sector.[5][6]
In 2010, it signed a joint venture agreement with US-based Babcock & Wilcox to manufacture super-critical boilers for the power sector.[7]
₹9,323 crore (US$1.3 billion) (2024)