Industrial equipment maker Thermax explores stake sale in RE arm First Energy

Pune-based, publicly listed industrial equipment manufacturer Thermax is looking for an external investor for its renewable energy subsidiary, First Energy . The company is working with advisors on a potential transaction that may involve the sale of more than a 51% stake in the business. The enterprise value for the subsidiary is estimated at approximately INR 3,000 Cr.First Energy, which maintains an installed renewable capacity of 800 MW, was originally launched in 2005 as BP Energy India. The company provides renewable power solutions to commercial and industrial customers, including solar, wind, and hybrid energy projects.The firm plans to use a partnership to manage the business and improve service delivery timelines.Thermax holds a history with the firm, having initially acquired a 33% stake in 2015 before eventually increasing its holding to 100%.