Thermax seeks acquisitions to expand as business rebuilds

The majority of Thermax Ltd.’s business has returned to year-ago levels and the company is now focused on growth opportunities.

Chief Executive Ashish Bhandari said the Indian maker of power generation and pollution control equipment would consider mergers and acquisitions, technology agreements and geographic partnerships that would be “small and easy to adopt.”

The company had ₹1,703 crore ($231 million) in cash, cash equivalents and short-term investments as of September 30, according to data compiled by Bloomberg. Its shares have recovered about 20% from a six-year low in March.

Thermax is focusing on technology to provide solutions to problems resulting from urbanization, such as air and water pollution. The company predicts that coal will continue to be used as a fuel in some countries and offers solutions to reduce environmental damage.

“Our entire portfolio is more focused on ‘how to make clean coal,’” Bhandari said. “We can’t wish coal away tomorrow.”