Thermax Board Approves Composite Scheme of Arrangement to Simplify Group Structure

Thermax Limited has approved a Composite Scheme of Arrangement involving two of its wholly owned subsidiaries, aimed at simplifying the group’s corporate structure and improving operational efficiency. The proposal was approved by the Board of Directors at its meeting held on July 30, 2026, subject to approvals from the National Company Law Tribunal (NCLT) and other regulatory authorities.

Key Highlights of the Scheme

• Bio-CNG EPC Business Demerger: The Bio-CNG EPC business of Thermax Bioenergy Solutions Private Limited (TBSPL) will be demerged and merged into Thermax Limited. However, the Operations & Maintenance (O&M) business will continue to remain with TBSPL.
• Merger of Thermax Cooling Solutions: Thermax Cooling Solutions Limited (TCSL), a wholly owned subsidiary, will be merged with and into Thermax Limited.
• Appointed Date: The proposed appointed date for the scheme is April 1, 2026, subject to regulatory approvals.
• No Impact on Shareholding: Since both entities are wholly owned subsidiaries, the scheme will not result in any change in Thermax Limited’s shareholding pattern or control structure, nor will it have any impact on the company’s consolidated financial statements.

Objective of the Restructuring

The restructuring is intended to streamline the group’s business structure by integrating the Bio-CNG EPC business and cooling solutions operations into the parent company. The move is expected to improve operational efficiency while retaining the specialized O&M business within TBSPL.

Q1 FY27 Financial Results Also Approved

At the same board meeting, Thermax Limited also approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with the statutory auditors’ limited review reports.