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The consideration received from the sale of stake is approximately Rs 10 crore

Total consolidated income of the company increased 27.23% at Rs 2091.57 crore for Q3FY23

The Board at its meeting held on February 8, 2024 has approved the same

Under the MoU, Thermax and FFI plan to explore opportunities to jointly develop fully integrated green hydrogen projects in India

Thermax will hold a majority 51% stake in this new company, while OCQ will have a 49% share

The certificate of incorporation has been issued by Ministry of Corporate Affairs for the same

These plants will be set up in the states of Rajasthan, Madhya Pradesh, Maharashtra (2) and Uttar Pradesh

The additional equity investment is being made for operational purpose

This order is part of the second phase of a 600 MW project being developed by the major, positioning Thermax as the sole partner for the entire project

This marks a significant step aligned with Thermax’s broader mission of conserving resources and preserving the future

Accordingly, Buildtech has become a wholly owned subsidiary of the Company

The investment will result in the company holding up to 16.667% of the share capital of Covacsis

The lock in period of the agreement is 4 years

The plant is estimated to reduce 1,11,700 tonnes of carbon equivalent per year

The acquisition would provide Thermax entry into niche infrastructure projects including tunnelling, hydro power projects, etc.

The winding up of this subsidiary will not affect any business/ accounting policies and will not have any significant impact on the financials etc.

The project is slated to be completed within a span of 16 months

The said transaction is expected to be completed on October 30, 2023

The transaction does not fall under the ambit of Related Party Transactions