Article · Wikipedia archive · Last revised Jun 14, 2026

Thermax

Thermax Ltd is an Indian multinational engineering conglomerate, involved in clean air, clean energy and clean water, headquartered in Pune.

Last revised
Jun 14, 2026
Read time
≈ 2 min
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429 w
Citations
9
Source
Wikipedia ↗
Thermax
Company type
Public
ISININE152A01029
IndustryConglomerate
Founded1980 (1980)
HeadquartersPune, Maharashtra,
India
Area served
Worldwide
Key people
ProductsIntegrated products in the areas of clean air, clean energy, clean water and chemicals.
RevenueIncrease ₹9,323 crore (US$970 million) (2024)
Increase ₹206 crore (US$21 million) (2021)
Total assetsIncrease ₹6,506 crore (US$680 million) (2021)
Total equityIncrease ₹3,251 crore (US$340 million) (2021)
Websitewww.thermaxglobal.com

Thermax Ltd is an Indian multinational engineering conglomerate, involved in clean air, clean energy and clean water, headquartered in Pune.1

History

Thermax was founded by A. S. Bhathena in 1966 as Wanson India Ltd, manufacturing package boilers. The company subsequently began manufacturing equipment related to cogeneration, air pollution control, water treatment and absorption refrigeration among others.234

In 1981, Bhathena was succeeded by his son-in-law Rohinton Aga as chairman. In February 1995, the company went public and listed on the Bombay Stock Exchange. After Aga's death in 1996, his wife Anu Aga took over the operations.4

In 2009, it signed a 51–49 joint venture with US firm SPX Corporation to provide equipment and services for the Indian power sector.56

In 2010, it signed a joint venture agreement with US-based Babcock & Wilcox to manufacture super-critical boilers for the power sector.7

Thermax Ne0

In 2024, Thermax launched Thermax Ne0, a business focused on gas enrichment solutions. This growth unit was established to address growing demand for cleaner energy alternatives and supports industrial decarbonization through biogas purification and upgradation technologies. Thermax Ne0 offers Vaccum Pressure Swing Adsorption (VPSA) , Pressure Swing Adsorption (PSA) and Membrane Separation technologies for biogas purification. Along with these, this unit also offers Green Hydrogen and Oxygen Purification solutions.8


See also

See also

References

References

  1. Ghoshal, Sumantra; Piramal, Gita; Bartlett, Christopher A. (2002). Managing Radical Change: What Indian Companies Must Do to Become World-class. Penguin Books India. p. 97. ISBN 978-0-14-100022-0.
  2. "Thermax Limited". CRISIL. Retrieved 8 May 2025.
  3. "Thermax Ltd". The Times of India. Archived from the original on 16 October 2012. Retrieved 18 February 2011.
  4. Chaliawala, Nehal (28 April 2025). "Thermax's big test: Can its energy transition bets revive investor confidence?". Mint. Retrieved 8 May 2025.
  5. "Thermax-SPX JV to have combined investment of 250 mln". Reuters. 26 August 2009. Archived from the original on 15 February 2022. Retrieved 15 February 2022.
  6. "Thermax in JV with U.S. firm SPX". Reuters. 26 August 2009. Archived from the original on 15 February 2022. Retrieved 15 February 2022.
  7. "Thermax in JV with Babcock & Wilcox". Business Standard India. 10 March 2010. Archived from the original on 15 February 2022. Retrieved 15 February 2022.
  8. https://www.thermaxglobal.com/industrial-products/air-pollution-control-systems/thermax-neo. {{cite web}}: Missing or empty |title= (help)