Southern Fuels

EPW Research Foundation Thermax ESTABLISHED in I966 as Wanson (India). Pvt. the company was amalgamated with Thermax India (Private) in 1980. changing its name lo Thermax Pvt. The company is one of the leaders in the hi-tech and hi- growth areas of energy and environment. A multi-product, multi-division company, it is engaged in the manufacture of industrial boilers, energy conservation equipment, absorption chillers, water treatment plants and air pollution control and speciality chemicals. The locus is being laid on new high potential areas of cogencration and captive power, absorption cooling and waste management. The company has a chemical manufacturing facility at Bhosari in Pune. A new state-of-the-art plant has been set up in Khopoli to double the manufacturing capacity. Apart from these, the company is into electronics, post-harvesl technology and control and automation equipment. The company has collaboration with reputed multinationals like Babcock and Wilcox, General Electric, Slruthers and Bertram. Besides having a number of patented products to its credit, Thermax has state-ot-the-art products in fluid bed combustion, direct fire chilling, hi-efficiency burners, nuclear grade resins and How improvers. The company has a strong marketing network and its exports were Rs 46 crore last year. It has been the recipient of the EEPC Export Award every year since 1988-89. Thermax is entering the capital market with a public issue of 61,12,500 equity shares of Rs 10 each at a premium of Rs 180 per share aggregating to Rs 11,613,75 lakh. The proceeds of the issue are to be used tor pail financing the modernisation and expansion of its facilities at Chinchwad and its chemicals division at Khopoli. Part of the finance would be invested on the Research Centre for Energy and Environment at Chinchwad. The company also plans to repay loans/deferred credit and fixed deposits of Rs 5.93 crore. The project has been appraised by ICICI and the total cost is estimated to be at Rs 12,038 lakh. The company has internal accruals to the tune of Rs 424 lakh and the public issue would fetch Rs 11,614 lakh which adds up to the estimated cost of the project. The issue is slated to open soon and is being lead managed by Enam Financial Consultants and ICICI Securities and Finance Company.