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Thermax Ltd. Company History and Annual Growth Details

1980 - The Company by name Thermo-Dynamics Pvt., Ltd was originally incorporated on 30th June, 1980. Later Wanson (India) Ltd. along with Thermax India (Pvt) Ltd. was amalgamated with the Company on 1st July. Subsequently the name was changed to Thermax Pvt. Ltd. Tulsi Fine Chemical Industries Pvt. Ltd. and Kailas Castings Pvt. Ltd. were merged with the Company effective 1st July, 1982. The Company became a deemed public company with effect from 1st July, 1989.

1991 - T. K. Steel Industries Ltd. was merged with the Company.

1994 - The Company became a full fledged public limited company. TheCompany was promoted by Late A. S. Bathena and was taken over by R. D. Aga. The products manufactured by the Company are heat recovery and energy conservation products, Chilling and air
conditioning products, co-generation and captive power generation products, water treatment, air pollution control equipments, chemicals etc.

- The Company has following collaboration: (i) Struthers Scientific & International Corporation USA for heat recovery and energy conservation products, (ii) Ansaldo, Italy for steam turbines and with NOVO Pignone, Italy for gas turbines, (iii) Eco-Tec Inc. of Canada for distributorship of recovery system, (iv) ACW Services Ltd., U.K. for waste management equipments, (v) A.W. Chesterton Co., USA for maintenance products.

- 171,37,510 No. of Equity shares issued, subscribed and paid-up. Of which 21,35,640 No. of equity shares allotted other than cash as per various schemes of amalgamation and 34,27,500 shares issued as bonus in prop. 1:4.

1995 - The Company has fully geared to bring the desired focus on two distinct business areas viz. standard products and customised projects. The product development process introduced a year and half ago was institutionalised.

- The process heat division came out with a new boiler design - an oil fired smoke boiler - shell Max and Combiac, a boiler specially designed to burn agro fuels like rice and groundnut
husk, saw dust, coffee waste etc.

- A MOU was signed with Bharat Shell for thermic fluid, Therma, for heat transfer system. The process heat projects division received an order from PT South Pacific Viscose, an Indonesian
Company for supply of 3 boilers of 22.5 tonnes per hour of steam.

- The absorption cooling division launched two new products viz. the direct fired and hot water fired absorption cooling machines. The Cogen division built a 6 MW cogen facility for a paper plant in Northern India.

- The Cogen division also signed a distributorship agreement with Kawasaki Heavy Industries for packaging Kawasaki's gas turbines up to 6 MW.

- The electronic division entered into capacitor business while the post harvest equipment division continued to be a leader in the grain storage silo market and in material handling equipment manufactured in collaboration with Cimbria Unigrain of Denmark.

- The Company undertook to modernise and expand its capacities at Chichwad and its Chemical division at Khopoli. Two DG sets of 500 KVA each, a compressor, effluent treatment plant etc were to be installed.

- In 1995, the Company offered 61,12,500 No. of equity shares at a premium of Rs 180 per share through prospectus. Of which 23,800 shares were offered to promoters, 2,76,200 shares were offered to employees and the balance 58,12,500 shares were offered to public. (All were taken up).

1996 - The Company merged two of its division, one in the energy area and the other in heat recovery area to pool the expertise with a view to addressing the heat recovery business. A new division viz. Energy System Division emerged out of this merger.

- The process heat division introduced packaged bagasse fired boilers for paper mills in the range of 4 to 16 tonnes. The heat division launched hot water generation for provision of hot
water on taps in hotels, hospi tals and dairies. The absorption cooling division introduced smaller capacity vapour absorption machines for hotels, hospitals, shopping malls and residential complexes.

- The Company launched fine circulation fluidised bed combustion boiler. The Environ-division executed 3 major export orders received from Indonesia. The Chemicals division developed and commercialised various speciality co-polymers and resins for biotech and pharma industries for domestic and international markets.

- To enter synergistic fields, the Company entered into a joint venture with WICOX Ltd. forming Thermax Babcock & Wilcox Ltd. for manufacture of large size fluidised bed cumbustion boilers and non-cyclone circulating fluidised bed technology for captive power generation.

- The Company entered into joint venture with Fuji Electric Company, Japan, for manufacture of smart digital transmitters, a field instrument needed in most industries.

- The joint venture viz., Thermax Fugi Electric Ltd. would also manufacture advanced boiler Control System and microprocessor based process control packages.

- Another joint venture viz., Thermax Culligan Water Technology Ltd., was set up with Culligan International Company USA for bringing to market the latest technologies in drinking, commercial and industrial water treatment like ozonisation ultraviolet purification for treating bacteria and virus and reverse osmosis for desalination.

- Thermax Energy Performance Services Ltd. is a joint venture formed between the Company and Energy Performance Services Inc., USA for provision of energy saving projects in industrial sector. The joint project was set up to manufacture energy saving measures in the steel, aluminium, paper & pulp, textile & hotel sectors.

- On February 16, 1996, Chairman and Managing Director, Rohinton D. Aga, passed away in Mumbai of a heart attack.

- The Company received the ISO 9002 certification from the Lloyd's Register Quality Assurance (LRQA).

- The Process Heat Division introduced the Combipac, a boiler specially designed to burn agro fuels like rice and groundnut husk, sawdust, coffee waste, mustard, etc., easily available in large parts of the country.

- A Memorandum of Understanding was signed with Bharat Shell and the Process Heat Division.

- Heat Recovery Division for the first time in India, commissioned an energy-efficient internal vaporisation unit (Dowtherm Vaporiser) for the high-temperature heat requirements of Reliance Industries' plant at Hazira.

- The Cogen Division is all set to build a 6 MW cogen facility for a paper plant in Northern India, for which a letter of intent has been obtained.

- The Cogen Division has also signed a Distributorship Agreement with Kawasaki Heavy Industries for packaging Kawasaki's gas turbines upto 6 MW.

- The Environment Division has successfully commissiosned bag house systems in the steel sector. The Division has launched a new product -- high efficiency cyclone for trapping the flue-gas particulate matter especially for boilers using agro waste.

- The Waste Management Division has also developed a standard incinerator for incinerating infectious wastes in hospitals and hopes to serve this market in a sustained manner in the coming years.

- The Water Treatment Division is all set to enter the domestic and commercial sectors to provide high quality water purification devices. A Memorandum of Understanding has already been signed with a leading international company, which would shortly get converted into a joint venture agreement.

- The Electronics Division has now entered the capacitors business for the first time and is confident of almost trebling its revenues in the coming year.

- The Canara Bank's 'Best Exporter' shield in the Western region (except Bombay) for 1995-96.

- An Export Award from Chemexil, the Indian Commerce Ministry's export council for basic chemicals, pharmaceuticals and cosmetics.

- The `Innovation in Management' award at a global management event 2020 Marketing
Vision--hosted by Standard Chartered Bank and the Indian Express Group.

- The Giant's International Award to the late Chairman R.D. Aga, for his outstanding contribution in the fields of business and industry .

1997 - The company received the AD-Merkblatt certification for the entire manufacturing unit at Chinchwad.

- An electronic network called Thermnet linking all establishments of the company in the country was introduced during the year, making Thermax virtually a single workplace

- The company entered into a joint venture with Fuji Electric Company of Japan - a Fortune 500 Company and leaders in the instrumentation and electrical engineering field.

- The company signed a joint venture agreement with Culligan International Company of USA, a world leader in the treatment, conditioning and purification of water.

- The Absorption Cooling division has introduced smaller capacity vapour absorption machines (VAMs) for hotels, hospitals, shopping malls and residential complexes.

- The Chemical Division entered the business of fuel treatment for refineries.

- During the year, the following companies became subsidiaries of the company: Thermax Fuji Electric Limited, Thermax Electronics Limited, Thermax International Limited, Thermax (UK) Limited which has changed its name to Thermax Europe Limited with effect from April 1, 1997.

- Mr. G.K. Gureja, Director, retired with effect from August 31, 1996. Mr. P.K. Sen resigned as Director with effect from October 30, 1996.

1998
- During the year under review, your company introduced five new products in the standard packaged boiler range. The company also launched a wide range of products incorporating Kawasaki modular technology in our Vapour Absorption Division.

- The products launched by TCWTL like Purichill, the household softener
Eversoft and Point-of-Entry systems have gained market acceptance.

- During the year under review, Thermax Energy Performance Services signed
its first Master Energyrvice Agreement (MESA) with a leading company in Gujarat.

- The company developed and introduced a technology called Submerged Aerated
Fixed Film (SAFF).

- The Waste Management division has entered into a technical transfer agreement with Ozone Processes Inc., USA for state-of-the-art Electro-Precipitation technology.

- During the year, a licence agreement was signed with Environmental Elements Corporation (EEC), USA, for electrostatic precipitators and large bag houses used by a range of industries.

- The Company, during the year, also set up a Learning Resource Centre.

- During the year, Thermax (Rus) Limited and Winman Gas Limited became subsidiaries of the Company.

- Mr. R.A. Shroff resigned as Director with effect from 27th October 1997. Mr. B. F. Gagrat resigned as Director with effect from 11th March 1998.

- Issued, Subscribed & Paid up Capital includes 21,35,640 Equity Shares of Rs. 10 each allotted as fully paid up for consideration other than cash as per various schemes of amalgamation and 34,27,500 shares of Rs. 10 each issued by way of bonus shares on capitalisation of General Reserve.

1999
- The Company has technologies in areas of water and wastewater management to effectively meet the demand for infrastructure water.

- During the year under review, the Company developed a more advanced process called PDP II.

- The Cogen/ power business was badly affected by the delay in financial closures during the year under review.

- The cogen plants supplied by the Company to Arvind Mills at its two sites in Gujarat were commissioned during the year under review and are meeting the steam and power requirements of the customer.

- The Air Pollution division has signed a technology co-operation agreement with Schalke of Germany to enable steel industries control dust and obnoxious gas emissions from coke oven batteries, in line with a recent Govt. of India gazette notification.

- During the year, Thermax Co-gen Limited became a subsidiary of the Company.

- With effect from 1st July 1999, Mr. A.M. Nalawade, Managing Director of the Company has been redesignated as Managing Director.

- The tenure of appointment of Mr. G. Trivedi, Whole-time Director of the Company, expired on 30th June 1999.

- The tenure of appointment of Mr. M.J. Shaikhali, Mr. R.V Ramani and Dr. N.D. Joshi as Whole-time Directors expired on 30th June 1999.

- Mr D. L. Chavan resigned as Director with effect from 31st July 1998.

2000
- The Company has acquired ME Engineering, a UK-based company belonging to the Beel Industrial Boilers Plc group.

- The Company has signed an exclusive distribution agreement for South Asian markets with US company Purafil Inc to market their dry gas scrubbers popularly known as chemical filters.

- Thermax Ltd has signed a memorandum of understanding with the Society of Applied Microwave Electronics Engineering and Research for commercialisation of the latter's microwave disinfection system for treating pathological bio-medical waste generated by
hospitals and research institutes.

- The Company appointed Mr. P.M. Kulkarni as the Managing Director effective from 21st July.

- Thermax has entered into a share-swap arrangement with Global Tele-systems for its software subsidiary, Thermax Systems and Software.

- The Industrial Fan Division of Thermax Ltd. has been taken over by the Mumbai-based Universal Fans India Pvt. Ltd. (UFL).

- Pune-based Thermax Ltd. has received ISO 14001 certification for its environmental management system in its manufacturing plant at Chinchwad.

2001 - Thermax has setting up of a wholly owned subsidiary company, Thermax Inc, in the US
with an initial equity base of $500,000 to enable it to push exports.

- Thermax has set up its second overseas wholly-owned subsidiary, in Detroit, USA.

- Thermax Ltd is acquiring a 50 per cent stake in Energy Performance Service (Thailand), a subsidiary of Energy Performance Service of Canada.

- Thermax and Cummins Diesel Sales and Services, the wholly owned subsidiary of the Cummins India, has entered into a strategic alliance to provide attractive energy solutions to various industry segments.

- Thermax, which is restructuring its business, has sold its electronics and surface coating businesses. The two businesses were carried out through two subsidiaries, Thermax Electronics and Thermax Surface Coatings, respectively.

-Thermax Ltd. the company has acquired the 50% equity stake of Culligan Water Technologies Ltd (erstwhile Thermax Culligan Water Technologies Ltd). Consequently Thermax Water Technologies has become a 100% subsidiary of the company.

2002

- Sunil Lalai appointed as Company Secretary of Thermax.

-Mr.Prakash Kulkarni acquires additional shares amounting to 2250 shares in Thermax Ltd.

-Mrs. Meher P Pudumjee is appointed as non-executive vice-chairperson of Thermax Ltd.

2003

-Mr.Jairam Varadraj has been appointed as Additional Director on the Board of Thermax.

-Shri Ashok Gehlot, Hon Chief Minister of Rajasthan inaugurated Thermax Captive Power
plant in Beawar .

-Anu Aga proposes her daughters name as chairperson's post of Thermax Ltd.

-Thermax Ltd has informed that the company has incorporated and invested US $ 200,000 in a wholly owned overseas (WOS) subsidiary set up in Brazil.

2004

-Thermax receives Letter of Intent for Rs. 744.70 mn Power Plant

-Thermax Ltd has informed that the Company has set up a wholly owned subsidiary in Hong Kong, in the name and style "Thermax Hong Kong Ltd". This subsidiary would address the business opportunities identified in the Asia Pacific Region and more particularly in China for Absorption Chillers.

-Thermax bags an order for Captive Power Plant

-Thermax's Cogen Division receives letter of intent worth Rs 650 million

-Thermax Ltd has acquired 40 per cent stake of Babcock & Wilcox International Investments Co Inc (BWII) held in their joint venture for an undisclosed sum.

2005

-Thermax inks agreement with HWB

2006

-Thermax Ltd has informed that the Company is setting up a plant in the People's Republic of China for manufacturing Absorption Chillers with an investment of US$ 8.0 million.

-Company has splits its Face value of Shares from Rs 10 to Rs 2

2007

-Thermax signs technology agreement with German Air Pollution Control leader

2008

- Thermax Ltd has informed that the Board of Directors of the Company at its meeting held on January 29, 2008, inter alia, has approved the appointment of Dr. R A Mashelkar, Independent Director as an Additional Director of the Company with immediate effect.

-Thermax signs 15-year pact with US firm

-Thermax signs license pact with Babcock & Wilcox

-Thermax receives an order of Rs 415 crore

2009

- Thermax Ltd has received an order of Rs 255 crore from a leading business conglomerate for supply of 4 x 250 TPH coal cum washery rejects CFBC boilers (Circulating Fluidised Bed Combustion Boiler).

- Thermax on Sept 17 bagged an order for the supply of 270-MW power plant on a turnkey basis to be set up by a Hyderabad-based infrastructure company.

-Business Excellence award for Thermax

-Thermax wins order worth Rs. 1000 crore

-Thermax signs technology agreements for advanced wastewater treatment

-Thermax-SPX joint venture agreement signed

2010

- Thermax receives Rs 240 crore order to supply CFBC boilers for Independent Power .

- Thermax - Thermax bags Rs 580 crore order for gas based power plant.

- Thermax - Thermax signs technology transfer agreement with Lambion: Generating energy from waste.

2011

- Thermax - Thermax receives an order of Rs. 366 crore.

- Mr. Nawshir Mirza has been appointed as an Additional Director on the Board of the Company.

- Thermax - Thermax wins Rs. 403 crore order from captive power plant.

- Thermax develops new solar cooling system.

2012

- The Company has received a letter from RDA Holding & Trading Private Limited, the Holding Company of Thermax Ltd, informing that the Registrar of Companies, Pune has issued a fresh certificate of incorporation consequent upon change of existing name of the Company to 'RDA Holdings Private Limited'.

- Thermax secures Asian Power Awards for cogeneration plant.

- ''Thermax acquires Rifox, German steam Products Company : Strategic fit for the Company's steam engineering business".

- "Thermax bags Rs. 280 crores EPC order for a power plant".

2013
-Thermax bags Rs. 1700 crore order for supply of CFBC boilers
-Thermax receives order worth Rs 269 cr from a leading petrochemical Company for its proposed captive power plant as a part of its expansion program.
-Board recommends Dividend of 7/- per share of face value of Rs. 2/- i.e. @ 350% to the shareholders

2014
-Thermax wins another order worth Rs. 351 crore in Africa to build and commission a captive power plant
-Thermax Babcock & Wilcox Energy Solutions (TBWES)
wins Rs. 339 Crore export order
-Thermax & Zensar to set up skill development centre pune.

2015
-Thermax acquires 33% stake in First Energy
Thermax acquires stake in First Energy for synergy in commercial space with alternative energy offerings

2016
-Thermax Ltd has secured an order from Rashtriya Chemicals and Fertilizers Ltd (RCF) for supply of two 25 MW each gas turbines and two 100 TPH each waste heat recovery boilers towards installation of gas based co-generation power plant at RCF in Maharashtra.
-Thermax raises stake in First Energy to 54.67%.

2017
-2017
-Thermax Group bags export contract of USD 43 million.
-"Thermax bags its first EPC power plant order in the GCC Region".
-Thermax wins Rs. 327 crore co-generation power plant order.

2018
-Thermax bags order worth Rs 327 crore.
-Thermax bags Rs 503 cr order from fertiliser company.

2019
-Thermax wins Rs. 431 crore order for two Flue Gas Desulphurisation (FGD) systems.
-Thermax inaugurates its state of the art manufacturing facility at Sri City, Andhra Pradesh.

2020
-Thermax wins major order for a captive Combined Heat and Power plant.
-Thermax launches compact sewage recycle system 'atoM'.

2021
-Thermax signs agreement with Power Roll to develop the market for solar film in India.
-Thermax bags Rs. 830 crore order for three Flue Gas Desulphurisation (FGD) systems.

2022
-Thermax bags Rs. 545.6 crore order for two Flue Gas Desulphurisation (FGD) systems.
-Thermax won an order of Rs. 522 crore for a refinery and petrochemical complex.
-Thermax bags Rs. 1,176 crore order for a Sulphur Recovery Block.

2023
-Thermax enters the green hydrogen market in partnership with Fortescue Future Industries.
-Thermax wins Rs. 271.50 crore order from IndiaÂs biggest refinery for mechanical balance of plant
-Thermax wins Rs. 251.7 crore order to renovate and modernise ESPs for an Indian public sector power company.

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