Thermax signed an agreement to acquire 33% stake in First Energy Private Limited, an alternative energy solutions company. The agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a ‘micro-gasification’ stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel.
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