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Pune-based engineering solution provider company Thermax has acquired 33% stake in alternative energy solutions firm First Energy. The agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years.
First Energy focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a ‘micro-gasification’ stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. First Energy had recorded revenues of Rs 42 crore in 2014-15.
"The partnership offers Thermax synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions," said M S Unnikrishnan, MD & CEO, Thermax.
Mahesh Yagnaraman, co-founder and CEO of First Energy said: "As a leader in heat transfer technologies and applications, Thermax is a valuable strategic partner for us. We are confident that this partnership will enable Oorja to scale up faster, building on our passion to innovate and enhance consumer satisfaction."
