With an equity capital of Rs. 3 lakh, a 5,000 sq. ft. shed, and a team of around 50 enthusiastic individuals, Wanson India had a modest beginning in Pune.
In collaboration with Wanson, Belgium, the company began manufacturing small coil-type packaged boilers (Vaporax), which were unique in the market.
Within the first year, the company employed 145 people and posted a turnover of Rs. 20 lakh.
A. S. Bhathena was appointed Managing Director.
Introduced the Indian industry to thermal oil heating with Thermopac—now a generic name for thermal oil heaters in India.
Triggered by a fuel shift due to rising crude oil prices, the company forayed into solid fuel-fired solutions with Multitherm range.
Entered the water treatment business to complement its boiler offerings and introduced new technologies.
Acquired Tulsi Fine Chemicals with a manufacturing facility in Bhosari, Pune, Maharashtra, India.
In a synergistic move, launched the Enviro division for air pollution control equipment.
Wanson India became Thermax Pvt. Ltd. Adopted “Conserving Energy, Preserving the Environment” as the corporate vision.
R. D. Aga (son-in-law of A. S. Bhathena) was appointed Chairman and Managing Director.
Expanded the energy portfolio and laid the foundation for the cogeneration business by utilising combustible waste gases.
Introduced the shell-type reverse flame boiler (Revotherm) through a technical collaboration with Ygnis, Switzerland.
Introduced the division concept in Thermax; the Chemicals division was formally established.
Launched vapour absorption machines in collaboration with Sanyo, Japan.
Introduced the coil-type reverse flame boiler (Revomax).
Formed a joint venture—Thermax Babcock & Wilcox Ltd. To build higher capacity boilers to aquire larger EPC turnkey projects.
Formed the Combined Heating and Power (CHAP) group, which later became the Cogen division.
Initiated in-house R&D for vapour absorption machines after ending the collaboration with Sanyo.
Introduced the Bi-Drum line of heating solutions.
Shifted chemical manufacturing operations from Bhosari to Paudh (Khopoli) in Maharashtra, India.
Inception of the Power division.
Became a publicly listed company.
Entered into a technical collaboration with Kawasaki, Japan, for direct-fired chillers.
In February, Anu Aga was appointed Executive Chairperson following the sudden demise of R. D. Aga.
Inaugurated the Energy and Environment Research Centre (EERC).
Acquired M.E. Engineering Ltd., a boiler company in the UK.
Started subsidiary company, Thermax Inc., in the US for sale of cooling and chemicals.
Reconstituted the Board with four independent directors, three non-executive promoter directors, and one full-time director.
Anu Aga retired; Meher Pudumjee was appointed Chairperson.
Launched the Power O&M business.
Established a manufacturing facility in Savli, Gujarat, India for XX.
Signed a technology agreement with Balcke-Dürr GmbH, Germany, for air pollution control solutions which ended in.
Renamed EERC as the Research, Technology & Innovation Centre (RTIC).
Signed joint venture with SPX for pollution control equipment to serve India’s growing power sector.
Signed a technology transfer agreement with Lambion Energy Solutions, Germany, for waste-to-energy solutions which ended in.
Acquired Danstoker A/S, a European boiler maker, reinforcing renewable energy capabilities.
M. S. Unnikrishnan appointed as MD & CEO.
Acquired Rifox, a German steam products company—a strategic fit for the steam engineering business.
Commissioned the construction chemicals manufacturing facility at Jhagadia, Gujarat, India.
Entered the solar PV business.
Celebrated 50 vibrant years of Thermax.
Commissioned the resin manufacturing plant at Dahej for commercial sales.
Inaugurated a new manufacturing facility in Indonesia, strengthening presence in ASEAN countries.
Through its Denmark subsidiary, acquired assets and operations of Barite Investments Sp. Z.o.o in Poland to expand in Eastern Europe.
Merged Utility O&M with the Power division.
Completed acquisition of Babcock & Wilcox India Holdings Inc.’s stake in TBWES.
Commenced steam operations at Savli, Gujarat, India.
In January, inaugurated the state-of-the-art manufacturing facility at Sri City, Andhra Pradesh.
Acquired the remaining stake in Thermax SPX Energy Technologies Ltd. (TSPX) from Mutares Holding-24 AG and Balcke-Dürr GmbH, making it a wholly owned subsidiary.
Shareholders approved the transfer of the Boiler & Heater (B&H) business to TBWES through a slump sale.
Ashish Bhandari appointed as MD & CEO of Thermax Group.
Expanded the renewable energy portfolio to include wind and battery solutions alongside solar, under an opex model through First Energy, subsidiary of Thermax.
Launched Thermax EDGE Live - an IIoT based digital platform powered by AI, ML and Thermax engineered algorithms for asset enhancement.
Formed Thermax Bioenergy Solutions Pvt. Ltd. to provide bio-CNG turnkey projects.
Forayed into green hydrogen.
Repositioned Thermax as 'Trusted Partner in Energy Transition
Thermax Chemical Solutions Pvt. Ltd. (TCSPL) signed a shareholder agreement with UK-based Vebro Polymers to address industrial and commercial flooring in India.
TCSPL also partnered with Latin America’s Oswaldo Cruz Química (OCQ) to manufacture and supply high-performance resins and polymers.
Expanded its construction chemicals portfolio by acquiring Buildtech Products, a manufacturer of admixtures, accelerators, and capsules.
Commissioned a new manufacturing facility for the Water & Waste Solutions (WWS) business.
Acquired TSA Equipments for high-purity water systems.
Reported a consolidated revenue of ₹10,389 crore in FY 2024–25, up 11.4% from ₹9,323 crore in FY 2023–24—Thermax’s highest revenue to date.
Broke ground for a new chemical factory (450 sq. m) at the existing Cheligon site near Jakarta, Indonesia.
As of today, Thermax operates 16 manufacturing facilities—12 in India and 4 overseas—and has 34 international and 22 domestic offices.
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