Thermax Limited announced on January 28, 2026, the incorporation of a new wholly owned step-down subsidiary, Thermax Energy Solutions Company, in Saudi Arabia. This subsidiary was established by TBWES (Thermax Babcock and Wilcox Energy Solutions Limited), a wholly owned subsidiary of Thermax Limited. The Ministry of Commerce, Saudi Arabia, issued the Certificate of Incorporation for Thermax Energy Solutions Company on January 28, 2026. The main activities of this new entity will include on-site services, maintenance, supervision related services, and marketing support to its parent entity. An infusion of ₹25,00,000 (25 Lakhs Indian Rupees) is planned for the subsidiary in due course. As Thermax Energy Solutions Company is a newly incorporated wholly owned step-down subsidiary, it is considered a related party. Thermax Limited acquired 100% of the shareholding in this new entity.
