Thermax, SPX in JV for pollution control equipment
Thermax and the $6 billion SPX Corporation of the US have entered into a joint venture to provide technology solutions for power plants with a capacity of over 300 mw.
Thermax will hold 51% and SPX the rest in the venture, which will have an initial investment of Rs 25 crore, M S Unnikrishnan, managing director of Thermax, said. The new company will be based in Pune.
The firm will offer air pollution control equipment, which costs about $15-20 million, and has the potential to achieve annual revenue of $50-100 million in five to 10 years, said Drew Ladau, SPX's president of thermal equipment and services.
Thermax already has a technology licensing agreement with Balcke-Durr, a Germany-based subsidiary of SPX, for air pollution control equipment called electrostatic precipitators (ESPs) for up to 300 mw. Thenew JV will benefit from the tie-up.
The venture has lined up supply-chain partners, but may initially need to source some products from SPX's overseas facilities, Unnikrishnan said.
“India is beginning to build large power plants in the super-critical category, which will necessitate increased use of coal as fuel. The new range of the Thermax-SPX ESPs will offer higher efficiencies by tackling the challenge of high ash content in Indian coal,” Unnikrishnan said.