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Thermax has incorporated Thermax Botswana Proprietary Limited through its wholly owned subsidiary

ICICIdirect Research 16 Sep 2026 DISCLAIMER

News: Thermax has incorporated Thermax Botswana Proprietary Limited through its wholly owned subsidiary, Thermax Engineering Construction Company (TECC), making it a wholly owned step-down subsidiary of Thermax. Incorporated on September 14, 2026, the new entity will provide support services for boilers and power plants in Botswana. The company will be capitalised with BWP 10,000, to be infused in due course, with Thermax holding 100% control through TECC.

View: The incorporation strengthens Thermax’s international footprint and provides a local platform to pursue boiler and power-plant opportunities in Botswana and the broader African market. Given the limited initial capital commitment, the near-term financial impact is likely to be negligible, while the key monitorable will be the conversion of local opportunities into orders and recurring service revenues.

Impact: Neutral

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