Meher PudumjeeChairperson
Meher Pudumjee is the Chairperson of the Thermax Group.
She embarked on her journey with Thermax as a trainee engineer in August 1990 after completing her postgraduation in Chemical Engineering from the Imperial College of Science & Technology in London. In the early stages of her career, she achieved notable success by playing a pivotal role along with her husband, Pheroz, in the successful turnaround of Thermax’s subsidiary in the UK.
Upon returning to India in September 1996, she assumed a position on Thermax’s Board of Directors, working closely in the Finance function and then the Environment division and a joint venture in bottled water. In January 2001, she transitioned to the role of Non-Executive Director and, by 2002, became the Vice Chairperson. Her tenure in these roles was characterised by active involvement in the turnaround of Thermax’s business operations.
In October 2004, Meher assumed the role of Chairperson, propelling Thermax towards sustainable growth and responsible practices. Under her visionary leadership, the company is on a mission to establish itself as a trusted partner in energy transition.
Meher extends her influence and expertise to various national and international committees in the spheres of energy, sustainability, and industrial development. Her expansive portfolio includes roles as Director of the Akanksha Foundation, Trustee of 'Teach for India', and Independent Director on the board of Pidilite Industries, among others.
Over the years, Meher has garnered immense respect and recognition, both in India and abroad, for her contributions to the energy sector and environmental initiatives. In 2006, Meher represented India at the Asian Business Women’s Conference in Osaka. Other notable accolades include the 'Women in Business Young Achiever' award by The Financial Express in 2006 and the 'CEO of the Year' title by Business Standard in 2009. In 2008, the World Economic Forum honoured her as a 'Young Global Leader' in recognition of her professional accomplishments, commitment to society, and potential to shape the world's future.
Meher’s dedication to Thermax's vision has culminated in the company being awarded the prestigious ‘IMD Global Family Business Award’ and the ‘Golden Peacock Award for Excellence in Corporate Governance’ for the year 2023, and the 'University of Vermont Family Business Award' in the 'Multi-Generation Family Enterprise’ category in 2022. Also, the company was recognised with the coveted ‘Best Business led by a Woman’ award at the Moneycontrol Indian Family Business Awards 2022.
Pheroz PudumjeeNon-Executive, Non-Independent Director
Pheroz Pudumjee has been the Non-Executive, Non-Independent Director of the company since January 15, 2001.
He facilitates the company’s international initiatives, including the incubation and development of new businesses and relevant organisational changes. In the past, Mr. Pudumjee managed Thermax’s overseas venture in the UK.
Mr. Pudumjee was the Chairman of the Confederation of Indian Industries (CII), Pune. He was also a member of CII’s National Committee on Export and a member of the Maratha Chamber of Commerce’s International panel.
He has a Master’s in Business Administration and a Diploma in Automobile Technology from Stanford University.
Ashish BhandariManaging Director and Chief Executive Officer
Ashish Bhandari is the Managing Director & CEO of Thermax Group since September 1, 2020.
Under his leadership, the Group has been steadfast in advancing its strategic direction to become a trusted partner in energy transition and sustainability. With a focus on driving innovation and creating long-term value, Ashish spearheads initiatives to maintain Thermax’s leadership in energy and environment solutions. He is instrumental in strengthening global customer and partner relationships, steering the Group’s expansion into emerging sectors and markets, and adapting to evolving business models and industry trends to ensure the Group remains agile and future-ready.
A passionate advocate for innovation, Ashish drives Thermax’s global product and service development strategies, ensuring they align with the changing needs of industries and the broader goal of decarbonisation. Ashish has been at the forefront of Thermax’s digital transformation journey, leveraging cutting-edge technologies such as AI, IIoT, and data analytics to enhance product offerings and operational efficiency. His commitment to innovation is reshaping how Thermax delivers value to customers in an increasingly technology-driven world. He envisions that by 2030, a significant portion of Thermax’s portfolio will comprise businesses that are currently in nascent stages, reflecting his commitment to fostering growth in new areas.
Ashish brings over two decades of rich and diverse experience from world-leading organisations across industries. Before joining Thermax, he served as Vice President for India and South Asia regions at Baker Hughes (formerly a GE company), where he played a pivotal role in driving growth across the region. His 15-year tenure at GE included several senior leadership roles, building expertise in operational excellence and market expansion. Earlier in his career, he contributed to leading organisations such as Schlumberger, McKinsey & Company, and two international startups, giving him a unique perspective on global business dynamics.
Beyond his corporate endeavours, Ashish is known for his thought leadership in navigating complex industry landscapes. He is a member of CII’s National Committee where he co-chairs the Capital Goods Committee and various sub committees relating to startups in manufacturing, green energy, and biofuels.
Ashish holds a Bachelor of Technology (B. Tech) in Electrical Engineering from the prestigious Indian Institute of Technology, Bombay, and an MBA from Duke University. His educational foundation, combined with his extensive professional experience, underpins his strategic leadership at Thermax.
Harsh MariwalaNon-Executive, Lead Independent Director
Harsh Mariwala is a Non-Executive, Non-Independent Director of the company since November 10, 2016. He has also been nominated as the Lead Independent Director effective May 9, 2025.
Mr. Mariwala is the Chairman of Marico Limited, and is also Chairman & Managing Director of its wholly owned subsidiary, Kaya Limited. He has transformed Marico, a traditional commodities driven business into a leading consumer products and services company in the beauty and wellness space. From a turnover of Rs. 50 lakhs in 1971, Marico’s products generated a turnover of Rs. 6,132 crores during 2015-16.
The company has won several awards and recognition under his leadership. He established the Marico Innovation Foundation in 2003 to fuel innovation in India. He started ASCENT in 2012, a not-for-profit and unique peer-to-peer platform for high potential entrepreneurs to exchange experiences and ideas.
Mr. Mariwala was the President of Federation of Indian Chambers of Commerce and Industry (FICCI) in 2011. He has been a part of the Young Presidents Organization (YPO), held the position of YPO Education, Membership and Chapter Chair for the Bombay Chapter, and was a member of the International Forum Board of YPO International. He is now a part of the World Presidents Organization (WPO).
Dr. S. B. (Ravi) PanditNon-Executive, Independent Director
Dr. S. B. (Ravi) Pandit was a Non-Executive, Independent Director of the company.
He was the Co-founder, Chairman and Group CEO of KPIT Technologies Ltd. His vision had steered the company from product engineering, IT consulting and services, to three industries namely automotive & transportation, manufacturing and energy & utilities.
He was a gold medalist and member of the Institute of Chartered Accountants of India, an associate member of the Institute of Cost and Works Accountants of India, and held a master's from Sloan School of Management, MIT, Cambridge, USA. In 2014, Tilak Maharashtra University decorated him with an honorary D.Litt.
Having run a Chartered Accountancy firm for close to a decade after finishing his masters studies, Mr. Pandit decided to venture into information technology consulting and services, thus setting up KPIT with his co-founder in 1990.
For his commitment to conducting business in an ethical manner and for the value KPIT partnership has brought to Cummins, Mr. Pandit was honoured with the J Irwin Miller Award of Excellence by Cummins. He had also been conferred the Rotary Excellence Award, Maharashtra Corporate Excellence (MAXELL) Award and the Samata Award.
Ravi was a founder trustee of NGO Janwani, which focuses on improvements in urban India. He was a founder trustee of the Pune International Centre, a national level think tank working on policy issues. Mr. Pandit was a member of the Government of India's Automotive Research Program Committee and on DST's Technology Development Board. He had served as the President of the Mahratta Chamber of Commerce, Industries and Agriculture and had been on the NASSCOM Executive
Council twice.
Rajani KesariNon-Executive, Independent Director
Rajani Kesari has been a Non-Executive, Independent Director of the company since November 14, 2018.
She is currently the CFO of Nayara Energy Limited. Nayara is a downstream oil company operating the second largest single-site refinery in India and contributes to 8% of the refinery capacity of India. Prior to this, she was the CFO for Holcim India, handling finance for listed entities of Ambuja Cements and ACC Limited.
Rajani has diverse experience in strategic planning, business partnering, M&A, internal audit, taxation and investor relations. She has also played a very meaningful role in driving business impact both in India and overseas.
She is a commerce graduate, Chartered Accountant, Cost Accountant and Certified Public Accountant from the US.
Dr. Ravi GopinathNon-Executive, Independent Director
Dr. Ravi Gopinath is a Non-Executive, Independent Director of the company.
He is also the Chief Strategy Officer at AVEVA plc, a FTSE listed software company. He joined AVEVA in 2018 through the merger of Schneider Electric Software with AVEVA. Prior to the merger, he was the Executive Vice President of Schneider Electric Software. He joined Schneider Electric in 2014 following the acquisition of Invensys plc by Schneider Electric, where he was President of Invensys Software.
He started his career as a Research Scientist in Tata Consultancy Services in 1994 and eventually led the Global Engineering business and the Manufacturing practice for the company. He left TCS in 2006 and joined Geometric Ltd. as the MD & CEO. He held that role from 2006 to 2009, when he joined Invensys.
Dr. Gopinath holds a Ph.D. in Chemical Engineering from Rensselaer Polytechnic Institute, New York and a M. Tech in Chemical Engineering from the Indian Institute of Technology Bombay.
Mr. Shyamak R TataNon-Executive, Independent Director
Shyamak Tata is the Additional Non-Executive, Independent Director of the company.
He has over 35 years of experience serving large Indian and multinational companies. Currently, he serves as an Independent Director for Siemens Limited and its subsidiary, C&S Electric Limited, and for HDFC AMC International (IFSC) Limited.
He was the Chairman of Deloitte India from 2019-2021. As Chairman, his role included heading governance for the organisation and leading the Board. Apart from this, the broader Board directive entailed overseeing sustainability initiatives, emerging technologies and opportunities, talent and culture.
Shyamak has been an elected Board member for over 12 years, and, in this role earlier, was also a member of the Chairman and CEO Evaluations Committee of the Board. During the period, Shyamak also served on the Deloitte Asia Pacific Board and was also a member of its Succession & Nominating Committee and the Board Transformation Committees.
In his executive roles at Deloitte India, Shyamak had led the Audit & Assurance (A&A) practice at the critical time of India’s first ever mandatory auditor rotation transition. As the A&A leader, he was a key member of Deloitte India’s Executive team, and was also part of Deloitte’s Global Audit and Assurance Leadership Team.
Shyamak has extensive industry experience in consumer business, manufacturing, automotive, metals and mining, and telecom, with a focus on audit and assurance engagements, accounting advisory, due diligence reviews, business and share valuations, international offerings, and Sarbanes readiness work.
A Commerce graduate from Mumbai University, Shyamak is a Fellow Member of the Institute of Chartered Accountants of India, a Certified Information Systems Auditor, and a Company Secretary.
Parag ShahNon-Executive, Independent Director
Parag Shah is the Non-Executive, Independent Director of the company.
He is the Founder and Partner of Amara Partners, an early-stage Private Equity fund that provides growth capital to businesses and supports entrepreneurs in business transformation, innovation, change management and institutionalisation.
Prior to this venture, in a career spanning over 25 years, Parag has held various positions with the Mahindra Group. He has extensive experience in building new businesses, start-ups, turnarounds, joint ventures, and mergers & acquisitions. In his last role, he was a Member of the Group Executive Board and Head of Mahindra Accelo. Parag was one of the chief architects and Managing Partner of Mahindra Partners, the 1 Bn USD Private Equity and Venture Capital division of the Group, which was responsible for incubation, turnaround and investments in several sectors like cleantech, retail, boat manufacturing, consulting, media, healthcare, conveyor systems, AI & analytics. He was an Executive Committee member of various councils of Mahindra Learning University. He was the Group Lead for business representation in Israel.
Parag is also the Director of several companies such as Mahindra Accelo, Mahindra Waste to Energy, Indian and Eastern Engineer Company, MME (Sharjah), PT MASI (Indonesia), Global Chess League (Geneva) and PSL Media & Communication. He is also an Independent Director on the board of HDFC AMC Ltd. and Lumax Auto Technologies.
He is active in industry bodies like CII, FICCI, American Alumni Association, and TiE Mumbai, and is a frequent speaker at industry and academic forums. He has been recognised by Economic Times & Spencer Stuart as India’s Top 40 Business Leaders under the age of 40. He was also featured by India Today as ‘Leaders of Tomorrow’ in their anniversary issue.
Parag has been an Executive Committee Member of the CII National Committee on Private Equity and Venture Capital, FICCI Solar Energy Task Force, CII National Committee on Renewable Energy, American Alumni Association, CII National Healthcare Council in addition to other external associations. He is also an angel investor and is on the advisory board of Trustees of The IndUS Entrepreneurs, Mumbai (TiE).
He is affiliated with various NGO associations such as Sabarkanta Relief Committee and S&G Charitable Trust. He has also been a Founder Director of “Executives Without Borders”, an NGO based in USA.
Parag holds a BS Degree in Computer Engineering from the Illinois Institute of Technology with special electives in Psychology and Manufacturing Technology. He is also a graduate of the General Management Program from the Harvard Business School.
