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Thermax on Thursday said it plans to make an additional investment of up to ₹6 crore in First Energy Pvt Ltd (FE), an alternative energy solutions company.
“The board at its meeting held on August 10, 2016, has approved to make an additional investment in FE, the alternative energy solutions company in which the company has acquired 33 per cent stake in July 2015,” Thermax Ltd said in a filing to BSE.
“It is proposed to make an additional investment of up to ₹6 crore in FE. The said investment is expected to be completed during the financial year 2016-17,” the filing said.
First Energy’s 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, the company had earlier said.
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