Thermax Invests Rs. 115 Crores in Subsidiary First Energy Private Limited for Further Investment in Renewable Energy

Thermax Limited has invested Rs. 115 crores in First Energy Private Limited (FEPL), a wholly owned subsidiary, for the purpose of further investment in First Energy 10 Private Limited (FE10), a wholly owned step-down subsidiary of the Company. FEPL is engaged in renewable energy, offering sustainable solutions including solar, wind, wind-solar hybrid and storage batteries in commercial and industrial segment. FE10 is a Special Purpose Vehicle (SPV) incorporated for undertaking renewable energy projects. The total paid-up equity share capital post issue of FEPL will be Rs. 6,46,31,63,650 and that of FE10 will be Rs. 1,35,00,00,000. The investment is on arm’s length basis and does not involve any related party transactions. The equity is infused in FEPL in connection with new projects proposed to be undertaken by FE10.