“Thermax Limited, a global engineering solution provider in the energy and environment sectors, signed an agreement on July 15, 2015 for stage-wise acquisition of FEPL over the next four to six years. FEPL focuses on consumers in the commercial and home cooking segments. Its 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 acquisition provided to the company new opportunities in the commercial space to serve customers with alternative and cost saving solutions,” company said in a regulatory filing on Monday.
“Total 32,31,928 shares i.e. 24% paid up share capital of FEPL is acquired at a consideration of Rs1,” it added.