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,
1991 - T. K. Steel Industries Ltd. was merged with the Company.
1994 - The Company became a full fledged public limited company. The
Company 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,
- 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
- 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, hospitals and dairies. The absorption
cooling division introduced smaller capacity vapour absorption
machines for hotels, hospitals, shopping malls and residential
- 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
- 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
- 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
- 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 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)
- 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
- The Chemical Division entered the business of fuel treatment for
- 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
- 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
- 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
- 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
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
- During the year, Thermax Co-gen Limited became a subsidiary of the
- 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.
- 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.
-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.
-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.
-Thermax inks agreement with HWB
-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.
-Thermax signs technology agreement with German Air Pollution Control leader
- 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
- 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