Thermax bags order worth Rs522 crore for a refinery and petrochemical complex; stock climbs ~2%

13 Apr 2022 , 09:51 AM

Thermax has concluded an order of Rs522 crore for utility boilers and associated systems for a grass root refinery and petrochemical complex in Rajasthan, India.

The order is received for two units of 260 TPH high-pressure utility boilers along with allied auxiliaries to be designed and manufactured by Thermax Babcock & Wilcox Energy Solutions (TBWES), a wholly-owned subsidiary of Thermax. This package will be a part of the customer’s Captive Power Plant (CPP) and will facilitate their steam and power requirements.

“The new financial year began on a good note with this order, which the company has secured through an international competitive bidding process. This contract vouches for our demonstrated product expertise, compliance with quality standards, manufacturing capabilities, and execution of complex turnkey projects,” commented Ashish Bhandari, MD & CEO, Thermax.

The scope of work includes project management, engineering, procurement, manufacturing, construction, and commissioning of the package.

The project is estimated to be completed within 16 months on a lumpsum turnkey (LSTK) basis.

Thermax is currently trading at Rs2,018.30 up by Rs26.15 or 1.31% from its previous closing of Rs1,992.15 on the BSE. The scrip opened at Rs2,025.05 and has touched intraday high and low of Rs2,071.75 and Rs2,015.70 respectively.