Thermax inaugurated its state-of-the-art manufacturing facility at Sri City, Andhra Pradesh, on January 31, 2019.

Thermax acquired the entire stake in Thermax SPX Energy Technologies Ltd. (TSPX) held by the joint venture partners namely, Mutares Holding-24 AG, Germany and Balcke Duerr GmbH, Germany. Subsequent to the acquisition, TSPX has now become a wholly owned subsidiary of Thermax.

The shareholders approved the transfer of the Boiler & Heater (B&H) business to TBWES through a ‘slump sale’.


Thermax completed the acquisition of shareholding of Babcock & Wilcox India Holdings Inc. in the joint venture, Thermax Babcock & Wilcox Energy Solutions Pvt. Ltd. (TBWES).

Thermax celebrated its 10th Technology Day on May 11, 2018


Thermax inaugurated its new manufacturing facility in Indonesia in 2017, expanding its footprint in international markets, especially the ASEAN countries.

Thermax commissioned the largest plant in India that generates power from cement waste heat at Rajasthan.

Thermax won the highest ever export contract of $157 million from a leading African conglomerate for its refinery project in Nigeria.

Thermax begins commercial production of ion exchange resins at the chemical factory in Dahej to serve the global markets.

Through its step-down subsidiary in Denmark, Thermax acquired certain assets and production activities of Barite Investments Sp. Z.o.o in Poland, for advancing its business in eastern Europe.


Thermax celebrates Vibrant 50 years of Success


Thermax MD and CEO, M.S. Unnikrishnan received the Asia Innovator Award at the 2012 CNBC Asia Business Leaders Awards (ABLA) in Bangkok.


M S Unnikrishnan was conferred the CNBC TV 18 India Business Leader Award 2012 for Thermax under the category ‘Most promising Entrant into the Big League.

Thermax acquires Rifox, German steam products company, a strategic fit for the company’s steam engineering business


Thermax Unveils Unique Solar Cooling System at MNRE’s Solar Energy Centre

Thermax partners with Amonix Inc and offers concentrated photovoltaic systems for solar power generation in India

Padma Shri for Anu Aga, Director-Thermax


Thermax welcomes the President of the Federal Republic of Germany, Horst Koehler on his state visit to Pune.

Thermax – Babcock & Wilcox Joint Venture for Supercritical Boilers which offers higher efficiency of power generation in India’s mega projects

Thermax signs technology transfer agreement with Lambion to generate energy from waste

Thermax acquires European boiler maker, Danstoker to reinforces its initiatives in renewable energy


Thermax signs technology agreements with global leaders GE Water, USA and Wehrle Umwelt GmbH, Germany for advanced wastewater treatment

Thermax-SPX joint venture agreement signed to focus on equipment and services for India’s growing power sector

Thermax bags first IPP order worth Rs. 1000 crore to build a 300 MW turnkey power plant in Andhra Pradesh.

Minister Prithviraj Chavan lays the foundation stone for India’s first public private partnership project for rural electrification where Thermax will build solar thermal power plant with Department of Science & Technology support


Thermax signs license agreement with Babcock & Wilcox for utility boilers while targeting further growth in power sector

Thermax begins manufacturing chillers in China


Thermax signs agreement with Georgia Pacific, US chemical industry leader for India and SE Asia while targeting growth in paper industry

Thermax signs technology agreement with Balcke-Dürr German Air Pollution Control leader to access to untapped domestic and overseas markets

New centre for research, technology and innovation


Thermax posts a record profit of INR 123 crores, up by 77% over the previous year. Thermax group turnover touches INR 1606 crores.

The Thermax R&D team wins the national award for the most innovative product at ACREX 2006, the HVAC event. The Award was for designing Trigenie, the dual-heat input absorption chiller that works on exhaust gas and other heat sources like steam or hot water.

Meher Pudumjee honoured with the Young Achiever award by Financial Express.

Work begins on an additional manufacturing facility at Vadodara, Gujarat to cater to the growing business of the Boiler and Heating business.

Incorporates wholly owned subsidiary in China (Thermax Zhajiang) to expand its China operations and begins work on a manufacturing plant for vapour absorption machines in Jaixing, near Shangai.


Thermax top line grows by 62% and achieves a Group turnover of INR.1281 crores.

International business of Thermax grew by 70% to INR 352 crores.

Thermax launches 14 new products and applications during the year.

To achieve synergies in related business, the company’s six core businesses are restructured into three groups – Cooling & Heating, Chemicals & Water and Projects.

Thermax among the 20 Indian companies featured in the Forbes Asia List of “Asia’s Best under a Billion” companies.

Thermax wins a performance bonus cheque of INR 1 crore from Madras Cement Ltd for fast track completion of its captive power plant.


Thermax registers highest ever profit after tax of INR 54 crores.

Launches Project Evergreen to consolidate its leadership position in India and prepare for global leadership in chosen fields. McKenzie appointed as consultants in this transformation exercise.

Thermax buys out Babcock & Wilcox stake in Joint venture; opens office in China. Thermax ranked No.3 among the top ten places to work (Business Today/Mercer Survey).

Anu Aga retires as Chairperson and Meher Pudumjee takes over.


February 13 – Dr. N D Joshi’s Best innovator award Instituted.

Shree Cement Project completed in a record time of 17 months. Thermax wins Performance bonus from the customer.

March – Anu Aga honoured with Lifetime Achievement Award by Financial Express/Electrolux.


April – Thermax gets ISO 14001 certification for its chemical plant at Paudh. In the same month, Thermax announces turnaround results with a net profit of INR 24 crores.

August 19 – Thermax declares 50% dividend, the highest since going public.


On January 15, 2001, the Thermax board is reconstituted with four independent directors, three non-executive promoter directors and one full-time director.

In March 2001, Thermax starts subsidiary company, Thermax Inc, in the US.

In June 2001, Thermax posts a net loss of INR 13.22 crores.

In August 2001, Thermax announces a VRS scheme as part of its restructuring exercise. In all, 420 employees opted for the scheme.


June – Thermax acquires boiler company, M E Engineering Ltd, in UK.

July 21 – Prakash Kulkarni takes over as the Managing Director of the company.

August 2000, the company forms its Executive Council.

September – Thermax gets ISO 14001 certification for its manufacturing facility at Chinchwad.


February 16 – R D Aga passes away after a heart attack in Mumbai.

February 19 – Anu Aga is appointed as Executive Chairperson.

August – Thermax bags the single largest contract for captive power, water treatment and absorption cooling from Arvind Mills. The order value – INR 136 crores.

December – the Energy & Environment Research Centre is inaugurated.


Combined Heating and Power Group (CHAP) is formed which later became the Cogen division.


The company forms the joint venture – Thermax Babcock & Wilcox Ltd.


Thermax introduces vapour absorption machines in collaboration with Sanyo, Japan.


The company launches the Thermax Service Franchise Scheme, a first of its kind in India.

corporate philosophy

R D Aga appointed Chairman and Managing Director of Thermax Pvt Ltd.


Wanson India becomes Thermax Pvt Ltd. “Conserving energy, preserving the environment” was adopted as the corporate vision.


In a synergistic move, Thermax starts the Enviro division for Air Pollution Control equipment.


Thermax acquires Tulsi Fine Chemicals, which later became the Chemical division of the company.


Thermax gets into the water treatment business, to complement its boiler business.


Wanson receives its first export order for 10 paint booths to the former USSR.

Multitherm, India’s first packaged water tube boiler for Indian coal, is developed by Wanson R & D.


Wanson India starts operations in Pune, manufacturing small coil-type packaged boilers (Vaporax), in collaboration with Wanson, Belgium.

It was the first year of operations; the company employed 145 people and posted a turnover of INR 20.00 lakhs. A S Bhathena was appointed Managing Director.

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