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Thermax invests $2 m in Brazil subsidiary
Our Bureau
Pune
,
Dec. 17
THERMAX Ltd on Wednesday informed the BSE and the NSE that the company had incorporated and invested $2 million in a wholly-owned overseas subsidiary in Brazil.
Talking to Business Line, Mr Amitabh Mukhopadhyay, Chief Financial Officer said the entity has been set up with investments from its internal accruals and has been named as `Thermax do Brasil - Energia E Equipamentos Ltda.' This WOS was set up in Brazil a couple of days ago. He said this would initially cater to the absorption chiller market and subsequently explore business opportunities in the other core segments of the company. Looking at the absorption chiller market, he noted that globally the market was close to $700 million of which India contributed close to $15 million. He said Thermax had a market of close to $20 million in the absorption chiller market of which about 50 per cent came in from exports. Brazil had been one of the export markets for the past one and half years, he pointed out.
He noted that the company in its first phase would look at absorption chiller market in Brazil.
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