Thermax Ltd. said it will invest Rs 6 crores in First energy Pvt. Ltd. during this financial year. Thermax had acquired one-third stake in First Energy in July last year. The company did not disclose its present share in the unit.
First Energy pvt. ltd. is an alternative energy solutions company. Thermax had paid about Rs.20 crore for the 33% stake last year and was planning acquire the rest of First Energy in a phased manner over the next five years.
First Energy is a Pune-based company which focuses on consumers in commercial and home cooking market. They use a combination of stove and biomass-based fuel available in pellets to substitute fossil fuels.
Thermax Group provides solutions in heating, cooling, power, water and waste management across 75 countries. Thermax is expanding its alternative energy offerings through this acquisition.