History of Thermax Ltd.
YEAR EVENTS 1980 - The Comp. by name Thermo-Dynamics Pvt., Ltd was originally incorporated on 30th June, 1980. Later Wanson [Indias] limited along with Thermax India [Pvts] limited was amalgamated with the Comp. on 1st July. Subsequently the name was changed to Thermax Pvt. Ltd. Tulsi Fine Chemical Industries Pvt. limited & Kailas Castings Pvt. limited were merged with the Comp. effective 1st July, 1982. The Comp. became a deemed public Comp. with effect from 1st July, 1989.
1991 - T. K. Steel Industries limited was merged with the Company.
1994 - The Comp. became a full fledged public limited company. The Comp. was promoted by Late A. S. Bathena & was taken over by R. D. Aga. The products manufactured by Comp. are heat recovery & energy conservation products, Chilling & air conditioning products, co-generation & captive power generation products, water treatment, air pollution control equipments, chemicals etc.
- The Comp. has following collaboration: [is] Struthers Scientific and International Corporation USA for heat recovery & energy conservation products, [iis] Ansaldo, Italy for steam turbines and with NOVO Pignone, Italy for gas turbines, [iiis] Eco-Tec Inc. of Canada for distributorship of recovery system, [ivs] ACW Services Ltd., U.K. for waste management equipments, [vs] A.W. Chesterton Co., USA for maintenance products.
- 171,37,510 No. of Equity shares issued, subscribed & paid-up. Of which 21,35,640 No. of equity shares allotted other than cash as per various schemes of amalgamation & 34,27,500 shares issued as bonus in prop. 1:4.
1995 - The Comp. has fully geared to bring the desired focus on two distinct business areas viz. standard products & customised projects. The product development process introduced a year and half ago was institutionalised.
- The process heat division came out with a new boiler design - an oil fired smoke boiler - shell Max & Combiac, a boiler specially designed to burn agro fuels like rice & groundnut husk, saw dust, coffee waste etc.
- A MOU was signed with Bharat Shell for thermic fluid, Therma, for heat transfer system. The process heat projects division received an order from PT South Pacific Viscose, an Indonesian Comp. for supply of 3 boilers of 22.5 tonnes per hour of steam.
- The absorption cooling division launched two new products viz. the direct fired & hot water fired absorption cooling machines. The Cogen division built a 6 MW cogen facility for a paper plant in Northern India.
- The Cogen division also signed a distributorship agreement with Kawasaki Heavy Industries for packaging Kawasaki gas turbines up to 6 MW.
- The electronic division entered into capacitor business while the post harvest equipment division continued to be a leader in the grain storage silo market & in material handling equipment manufactured in collaboration with Cimbria Unigrain of Denmark.
- The Comp. undertook to modernise & expand its capacities at Chichwad & its Chemical division at Khopoli. Two DG sets of 500 KVA each, a compressor, effluent treatment plant etc were to be installed.
- In 1995, the Comp. offered 61,12,500 No. of equity shares at a premium of Rs 180 per share through prospectus. Of which 23,800 shares were offered to promoters, 2,76,200 shares were offered to employees & the balance 58,12,500 shares were offered to public. [All were taken ups].
1996 - The Comp. merged two of its division, one in the energy area & the other in heat recovery area to pool the expertise with a view to addressing the heat recovery business. A new division viz. Energy System Division emerged out of this merger.
- The process heat division introduced packaged bagasse fired boilers for paper mills in the range of 4 to 16 tonnes. The heat division launched hot water generation for provision of hot water on taps in hotels, hospitals & dairies. The absorption cooling division introduced smaller capacity vapour absorption machines for hotels, hospitals, shopping malls & residential complexes.
- The Comp. launched fine circulation fluidised bed combustion boiler. The Environ-division executed 3 major export orders received from Indonesia. The Chemicals division developed and commercialised various speciality co-polymers & resins for biotech & pharma industries for domestic & international markets.
- To enter synergistic fields, the Comp. entered into a joint venture with WICOX limited forming Thermax Babcock and Wilcox limited for manufacture of large size fluidised bed cumbustion boilers and non-cyclone circulating fluidised bed technology for captive power generation.
- The Comp. entered into joint venture with Fuji Electric Company, Japan, for manufacture of smart digital transmitters, a field instrument needed in most industries.
- The joint venture viz., Thermax Fugi Electric limited would also manufacture advanced boiler Control System & microprocessor based process control packages.
- Another joint venture viz., Thermax Culligan Water Technology Ltd., was set up with Culligan International Comp. USA for bringing to market the latest technologies in drinking, commercial & industrial water treatment like ozonisation ultraviolet purification for treating bacteria & virus and reverse osmosis for desalination.
- Thermax Energy Performance Services limited is a joint venture formed between the Comp. & Energy Performance Services Inc., USA for provision of energy saving projects in industrial sector. The joint project was set up to manufacture energy saving measures in the steel, aluminium, paper and pulp, textile and hotel sectors.
- On February 16, 1996, Chairman & Managing Director, Rohinton D. Aga, passed away in Mumbai of heart attack.
- The Comp. received the ISO 9002 certification from the Lloyd Register Quality Assurance [LRQAs].
- The Process Heat Division introduced the Combipac, a boiler specially designed to burn agro fuels like rice & groundnut husk, sawdust, coffee waste, mustard, etc., easily available in large parts of country.
- A Memorandum of Understanding was signed with Bharat Shell & the Process Heat Division.
- Heat Recovery Division for first time in India, commissioned an energy-efficient internal vaporisation unit [Dowtherm Vaporisers] for high-temperature heat requirements of Reliance Industries' plant at Hazira.
- The Cogen Division is all set to build a 6 MW cogen facility for a paper plant in Northern India, for which a letter of intent has been obtained.
- The Cogen Division has also signed a Distributorship Agreement with Kawasaki Heavy Industries for packaging Kawasaki gas turbines upto 6 MW.
- The Environment Division has successfully commissiosned bag house systems in the steel sector. The Division has launched a new product -- high efficiency cyclone for trapping the flue-gas particulate matter especially for boilers using agro waste.
- The Waste Management Division has also developed a standard incinerator for incinerating infectious wastes in hospitals & hopes to serve this market in a sustained manner in the coming years.
- The Water Treatment Division is all set to enter the domestic & commercial sectors to provide high quality water purification devices. A Memorandum of Understanding has already been signed with a leading international company, which would shortly get converted into a joint venture agreement.
- The Electronics Division has now entered the capacitors business for first time & is confident of almost trebling its revenues in the coming year.
- The Canara Bank 'Best Exporter' shield in the Western region [except Bombays] for 1995-96.
- An Export Award from Chemexil, the Indian Commerce Ministry export council for basic chemicals, pharmaceuticals & cosmetics.
- The `Innovation in Management' award at a global management event 2020 Marketing Vision--hosted by Standard Chartered Bank & the Indian Express Group.
- The Giant International Award to the late Chairman R.D. Aga, for his outstanding contribution in the fields of business & industry.
1997 - The Comp. received the AD-Merkblatt certification for entire manufacturing unit at Chinchwad.
- An electronic network called Thermnet linking all establishments of the Comp. in the country was introduced during the year, making Thermax virtually a single workplace
- The Comp. entered into a joint venture with Fuji Electric Comp. of Japan - a Fortune 500 Comp. & leaders in the instrumentation and electrical engineering field.
- The Comp. signed a joint venture agreement with Culligan International Comp. of USA, a world leader in the treatment, conditioning & purification of water.
- The Absorption Cooling division has introduced smaller capacity vapour absorption machines [VAMss] for hotels, hospitals, shopping malls & residential complexes.
- The Chemical Division entered the business of fuel treatment for refineries.
- During the year, the following companies became subsidiaries of the company: Thermax Fuji Electric Limited, Thermax Electronics Limited, Thermax International Limited, Thermax [UKs] Limited which has changed its name to Thermax Europe Limited with effect from April 1, 1997.
- Mr. G.K. Gureja, Director, retired with effect from August 31, 1996. Mr. P.K. Sen resigned as Director with effect from October 30, 1996.
1998 - During the year under review, your Comp. introduced five new products in the standard packaged boiler range. The Comp. also launched a wide range of products incorporating Kawasaki modular technology in our Vapour Absorption Division.
- The products launched by TCWTL like Purichill, the household softener Eversoft & Point-of-Entry systems have gained market acceptance.
- During the year under review, Thermax Energy Performance Services signed its first Master Energyrvice Agreement [MESAs] with a leading Comp. in Gujarat.
- The Comp. developed & introduced a technology called Submerged Aerated Fixed Film [SAFFs].
- The Waste Management division has entered into a technical transfer agreement with Ozone Processes Inc., USA for state-of-the-art Electro-Precipitation technology.
- During the year, a licence agreement was signed with Environmental Elements Corporation [EECs], USA, for electrostatic precipitators and large bag houses used by a range of industries.
- The Company, during the year, also set up a Learning Resource Centre.
- During the year, Thermax [Russ] Limited & Winman Gas Limited became subsidiaries of Company.
- Mr. R.A. Shroff resigned as Director with effect from 27th October 1997. Mr. B. F. Gagrat resigned as Director with effect from 11th March 1998.
- Issued, Subscribed and Paid up Capital includes 21,35,640 Equity Shares of Rs. 10 each allotted as fully paid up for consideration other than cash as per various schemes of amalgamation & 34,27,500 shares of Rs. 10 each issued by way of bonus shares on capitalisation of General Reserve.
1999 - The Comp. has technologies in areas of water & wastewater management to effectively meet the demand for infrastructure water.
- During the year under review, the Comp. developed a more advanced process called PDP II.
- The Cogen/ power business was badly affected by delay in financial closures during the year under review.
- The cogen plants supplied by Comp. to Arvind Mills at its two sites in Gujarat were commissioned during the year under review & are meeting the steam & power requirements of customer.
- The Air Pollution division has signed a technology co-operation agreement with Schalke of Germany to enable steel industries control dust & obnoxious gas emissions from coke oven batteries, in line with a recent Govt. of India gazette notification.
- During the year, Thermax Co-gen Limited became a subsidiary of the Company.
- With effect from 1st July 1999, Mr. A.M. Nalawade, Managing Director of the Comp. has been redesignated as Managing Director.
- The tenure of appointment of Mr. G. Trivedi, Whole-time Director of the Company, expired on 30th June 1999.
- The tenure of appointment of Mr. M.J. Shaikhali, Mr. R.V Ramani and Dr. N.D. Joshi as Whole-time Directors expired on 30th June 1999.
- Mr D. L. Chavan resigned as Director with effect from 31st July 1998.
2000 - The Comp. has acquired ME Engineering, a UK-based company belonging to the Beel Industrial Boilers Plc group.
- The Comp. has signed an exclusive distribution agreement for South Asian markets with US Comp. Purafil Inc to market their dry gas scrubbers popularly known as chemical filters.
- Thermax Ltd has signed a memorandum of understanding with the Society of Applied Microwave Electronics Engineering & Research for commercialisation of latter microwave disinfection system for treating pathological bio-medical waste generated by hospitals & research institutes.
- The Comp. appointed Mr. P.M. Kulkarni as the Managing Director effective from 21st July.
- Thermax has entered into a share-swap arrangement with Global Tele-systems for its software subsidiary, Thermax Systems & Software.
- The Industrial Fan Division of Thermax limited has been taken over by the Mumbai-based Universal Fans India Pvt. limited [UFLs].
- Pune-based Thermax limited has received ISO 14001 certification for its environmental management system in its manufacturing plant at Chinchwad.
2001 - Thermax has setting up of wholly owned subsidiary company, Thermax Inc, in the US with an initial equity base of $500,000 to enable it to push exports.
- Thermax has set up its second overseas wholly-owned subsidiary, in Detroit, USA.
- Thermax Ltd is acquiring a 50 per cent stake in Energy Performance Service [Thailands], a subsidiary of Energy Performance Service of Canada.
- Thermax & Cummins Diesel Sales & Services, the wholly owned subsidiary of Cummins India, has entered into a strategic alliance to provide attractive energy solutions to various industry segments.
- Thermax, which is restructuring its business, has sold its electronics & surface coating businesses. The two businesses were carried out through two subsidiaries, Thermax Electronics & Thermax Surface Coatings, respectively.
-Thermax limited the Comp. has acquired the 50% equity stake of Culligan Water Technologies Ltd [erstwhile Thermax Culligan Water Technologies Ltds]. Consequently Thermax Water Technologies has become a 100% subsidiary of company.
2002
- Sunil Lalai appointed as Comp. Secretary of Thermax.
-Mr.Prakash Kulkarni acquires additional shares amounting to 2250 shares in Thermax Ltd.
-Mrs. Meher P Pudumjee is appointed as non-executive vice-chairperson of Thermax Ltd.
2003
-Mr.Jairam Varadraj has been appointed as Additional Director on the Board of Thermax.
-Shri Ashok Gehlot, Hon Chief Minister of Rajasthan inaugurated Thermax Captive Power plant in Beawar .
-Anu Aga proposes her daughters name as chairperson post of Thermax Ltd.
-Thermax Ltd has informed that the Comp. has incorporated & invested US $ 200,000 in a wholly owned overseas [WOSs] subsidiary set up in Brazil.
2004
-Thermax receives Letter of Intent for Rs. 744.70 mn Power Plant
-Thermax Ltd has informed that the Comp. has set up a wholly owned subsidiary in Hong Kong, in the name & style 'Thermax Hong Kong Ltd'. This subsidiary would address the business opportunities identified in the Asia Pacific Region & more particularly in China for Absorption Chillers.
-Thermax bags an order for Captive Power Plant
2008
- Thermax Ltd has informed that the Board of Directors of Comp. at its meeting held on January 29, 2008, inter alia, has approved the appointment of Dr. R A Mashelkar, Independent Director as an Additional Director of Comp. with immediate effect.
