YEAR                                                          EVENTS
 1980 - The Company by name Thermo-Dynamics Pvt., Ltd was originally
               incorporated on 30th June, 1980.  Later Wanson (India)
 Ltd. along
               with Thermax India (Pvt) Ltd. was amalgamated with the
 Company on
               1st July.  Subsequently the name was changed to Thermax
 Pvt. Ltd.
                Tulsi Fine Chemical Industries Pvt. Ltd. and Kailas
 Castings Pvt.
                Ltd. were merged with the Company effective 1st July,
 1982.  The
                Company became a deemed public company with effect
 from 1st July,
                 1989.
 
 1991 - T. K. Steel Industries Ltd. was merged with the Company.
 
 1994 - The Company became a full fledged public limited company. 
 The
              Company was promoted by Late A. S. Bathena and was taken
 over by
              R. D. Aga.  The products manufactured by the Company are
 heat
              recovery and energy conservation products, Chilling and
 air
              conditioning products, co-generation and captive power
 generation
              products, water treatment, air pollution control
 equipments,
              chemicals etc.
 
      - The Company has following collaboration: (i) Struthers
 Scientific
        & International Corporation USA for heat recovery and energy
        conservation products, (ii) Ansaldo, Italy for steam turbines
 and
        with NOVO Pignone, Italy for gas turbines, (iii) Eco-Tec Inc.
 of
        Canada for distributorship of recovery system, (iv) ACW
 Services
        Ltd., U.K. for waste management equipments, (v) A.W.
 Chesterton
        Co., USA for maintenance products.
 
      - 171,37,510 No. of Equity shares issued, subscribed and
 paid-up.
        Of which 21,35,640 No. of equity shares allotted other than
 cash
        as per various schemes of amalgamation and 34,27,500 shares
        issued as bonus in prop. 1:4.
 
 1995 - The Company has fully geared to bring the desired focus on
 two
        distinct business areas viz. standard products and customised
        projects.  The product development process introduced a year
 and
        half ago was institutionalised.
 
      - The process heat division came out with a new boiler design -
 an
        oil fired smoke boiler - shell Max and Combiac, a boiler
        specially designed to burn agro fuels like rice and groundnut
        husk, saw dust, coffee waste etc.
 
      - A MOU was signed with Bharat Shell for thermic fluid, Therma,
 for
        heat transfer system.  The process heat projects division
        received an order from PT South Pacific Viscose, an
 Indonesian
        Company for supply of 3 boilers of 22.5 tonnes per hour of
 steam.
 
      - The absorption cooling division launched two new products
 viz.
        the direct fired and hot water fired absorption cooling
 machines. 
        The Cogen division built a 6 MW cogen facility for a paper
 plant
        in Northern India.
 
      - The Cogen division also signed a distributorship agreement
 with
        Kawasaki Heavy Industries for packaging Kawasaki's gas
 turbines
        up to 6 MW.
 
      - The electronic division entered into capacitor business while
 the
        post harvest equipment division continued to be a leader in
 the
        grain storage silo market and in material handling equipment
        manufactured in collaboration with Cimbria Unigrain of
 Denmark.
 
      - The Company undertook to modernise and expand its capacities
 at
        Chichwad and its Chemical division at Khopoli.  Two DG sets
 of
        500 KVA each, a compressor, effluent treatment plant etc were
 to
        be installed.
 
      - In 1995, the Company offered 61,12,500 No. of equity shares at
 a
        premium of Rs 180 per share through prospectus.  Of which
 23,800
        shares were offered to promoters, 2,76,200 shares were offered
 to
        employees and the balance 58,12,500 shares were offered to
        public. (All were taken up).
 
 1996 - The Company merged two of its division, one in the energy
 area
        and the other in heat recovery area to pool the expertise with
 a
        view to addressing the heat recovery business.  A new
 division
        viz. Energy System Division emerged out of this merger.
 
      - The process heat division introduced packaged bagasse fired
        boilers for paper mills in the range of 4 to 16 tonnes.  The
        heat division launched hot water generation for provision of
 hot
        water on taps in hotels, hospitals and dairies.  The
 absorption
        cooling division introduced smaller capacity vapour
 absorption
        machines for hotels, hospitals, shopping malls and
 residential
        complexes.
 
      - The Company launched fine circulation fluidised bed
 combustion
        boiler.  The Environ-division executed 3 major export orders
        received from Indonesia.  The Chemicals division developed
 and
        commercialised various speciality co-polymers and resins for
        biotech and pharma industries for domestic and international
        markets.
 
      - To enter synergistic fields, the Company entered into a joint
        venture with WICOX Ltd. forming Thermax Babcock & Wilcox Ltd.
 for
        manufacture of large size fluidised bed cumbustion boilers
 and
        non-cyclone circulating fluidised bed technology for captive
        power generation.
 
      - The Company entered into joint venture with Fuji Electric
        Company, Japan, for manufacture of smart digital transmitters,
 a
        field instrument needed in most industries.
 
      - The joint venture viz., Thermax Fugi Electric Ltd. would also
        manufacture advanced boiler Control System and microprocessor
        based process control packages.
 
      - Another joint venture viz., Thermax Culligan Water Technology
        Ltd., was set up with Culligan International Company USA for
        bringing to market the latest technologies in drinking,
        commercial and industrial water treatment like ozonisation
        ultraviolet purification for treating bacteria and virus and
        reverse osmosis for desalination.
 
      - Thermax Energy Performance Services Ltd. is a joint venture
        formed between the Company and Energy Performance Services
 Inc.,
        USA for provision of energy saving projects in industrial
 sector.
        The joint project was set up to manufacture energy saving
        measures in the steel, aluminium, paper & pulp, textile &
 hotel
        sectors.
 
      - On February 16, 1996, Chairman and Managing Director, Rohinton
 D. Aga,
         passed away in Mumbai of a heart attack.
 
      - The Company received the ISO 9002 certification from the
 Lloyd's Register
         Quality Assurance (LRQA).
 
      - The Process Heat Division introduced the Combipac, a boiler
 specially designed
         to burn agro fuels like rice and groundnut husk, sawdust,
 coffee waste, mustard, etc.,
         easily available in large parts of the country.
 
      - A Memorandum of Understanding was signed with Bharat Shell and
 the Process
        Heat Division.
 
      - Heat Recovery Division for the first time in India,
 commissioned an energy-efficient
         internal vaporisation unit (Dowtherm Vaporiser) for the
 high-temperature heat
         requirements of Reliance Industries' plant at Hazira.
 
      - The Cogen Division is all set to build a 6 MW cogen facility
 for a paper plant in
         Northern India, for which a letter of intent has been
 obtained.
 
      - The Cogen Division has also signed a Distributorship Agreement
 with Kawasaki
         Heavy Industries for packaging Kawasaki's gas turbines upto 6
 MW.
 
      - The Environment Division has successfully commissiosned bag
 house systems in
         the steel sector.  The Division has launched a new product --
 high efficiency cyclone
         for trapping the flue-gas particulate matter especially for
 boilers using agro waste.
 
       - The Waste Management Division has also developed a standard
 incinerator for
           incinerating infectious wastes in hospitals and hopes to
 serve this market in a sustained
           manner in the coming years.
 
       - The Water Treatment Division is all set to enter the domestic
 and commercial sectors
          to provide high quality water purification devices.  A
 Memorandum of Understanding
          has already been signed with a leading international
 company, which would shortly get
          converted into a joint venture agreement.
 
       - The Electronics Division has now entered the capacitors
 business for the first time
          and is confident of almost trebling its revenues in the
 coming year.
 
       - The Canara Bank's 'Best Exporter' shield in the Western
 region (except Bombay)
           for 1995-96.
 
        - An Export Award from Chemexil, the Indian Commerce
 Ministry's export council for basic
          chemicals, pharmaceuticals and cosmetics.
 
       - The `Innovation in Management' award at a global management
 event 2020 Marketing
          Vision--hosted by Standard Chartered Bank and the Indian
 Express Group. 
 
      -  The Giant's International Award to the late Chairman R.D.
 Aga, for his outstanding
          contribution in the fields of business and industry.
 
 1997 - The company received the AD-Merkblatt certification for the
 entire
               manufacturing unit at Chinchwad.
 
            - An electronic network called Thermnet linking all
 establishments of
              the company in the country was introduced during the
 year, making
              Thermax virtually a single workplace
 
           - The company entered into a joint venture with Fuji
 Electric Company of
             Japan - a Fortune 500 Company and leaders in the
 instrumentation and
             electrical engineering field.
 
           - The company signed a joint venture agreement with
 Culligan
              International Company of USA, a world leader in the
 treatment,
              conditioning and purification of water.
 
           - The Absorption Cooling division has introduced smaller
 capacity vapour absorption
              machines (VAMs) for hotels, hospitals, shopping malls
 and residential
              complexes.
 
            - The Chemical Division entered the business of fuel
 treatment for
               refineries.
 
            - During the year, the following companies became
 subsidiaries of the
               company: Thermax Fuji Electric Limited, Thermax
 Electronics Limited,
               Thermax International Limited, Thermax (UK) Limited
 which has changed
                its name to Thermax Europe Limited with effect from
 April 1, 1997.
 
             - Mr. G.K. Gureja, Director, retired with effect from
 August 31, 1996.
                Mr. P.K.  Sen resigned as Director with effect from
 October 30, 1996.
 
 1998 - During the year under review, your company introduced five new
 products
              in the standard packaged boiler range.  The company also
 launched a wide
              range of products incorporating Kawasaki modular
 technology in our Vapour
              Absorption Division.
 
           - The products launched by TCWTL like Purichill, the
 household softener
              Eversoft and Point-of-Entry systems have gained market
 acceptance.
 
           - During the year under review, Thermax Energy Performance
 Services signed
              its first Master Energyrvice Agreement (MESA) with a
 leading company in Gujarat.
 
           - The company developed and introduced a technology called
 Submerged Aerated
              Fixed Film (SAFF).
 
          - The Waste Management division has entered into a technical
 transfer agreement
             with Ozone Processes Inc., USA for state-of-the-art
 Electro-Precipitation
             technology. 
 
           - During the year, a licence agreement was signed with
 Environmental
              Elements Corporation (EEC), USA, for electrostatic
 precipitators and
              large bag houses used by a range of industries.
 
           - The Company, during the year, also set up a Learning
 Resource Centre.
 
           - During the year, Thermax (Rus) Limited and Winman Gas
 Limited became
              subsidiaries of the Company.
 
            - Mr. R.A. Shroff resigned as Director with effect from
 27th October
              1997.  Mr. B. F. Gagrat resigned as Director with effect
 from 11th
              March 1998.
 
            - Issued, Subscribed & Paid up Capital includes 21,35,640
 Equity
              Shares of Rs. 10 each allotted as fully paid up for
 consideration other
              than cash as per various schemes of amalgamation and
 34,27,500 shares
              of Rs. 10 each issued by way of bonus shares on
 capitalisation of
              General Reserve.
 
 1999 - The Company has technologies in areas of water and wastewater
              management to effectively meet the demand for
 infrastructure water.
 
            - During the year under review, the Company developed a
 more advanced
               process called PDP II.
 
            - The Cogen/ power business was badly affected by the
 delay in financial
               closures during the year under review.
 
             - The cogen plants supplied by the Company to Arvind
 Mills at its two
                sites in Gujarat were commissioned during the year
 under review and are
                meeting the steam and power requirements of the
 customer.
 
             - The Air Pollution division has signed a technology
 co-operation agreement with
                Schalke of Germany to enable steel industries control
 dust and obnoxious gas
                emissions from coke oven batteries, in line with a
 recent Govt.  of India gazette
                notification.
 
             - During the year, Thermax Co-gen Limited became a
 subsidiary of the
                Company.
 
              - With effect from 1st July 1999, Mr. A.M. Nalawade,
 Managing Director of the
                 Company has been redesignated as Managing Director.
 
              - The tenure of appointment of Mr. G.  Trivedi,
 Whole-time Director of
                 the Company, expired on 30th June 1999.
 
               - The tenure of appointment of Mr.  M.J. Shaikhali, Mr.
 R.V Ramani and
                  Dr.  N.D. Joshi as Whole-time Directors expired on
 30th June 1999.
 
                - Mr D. L. Chavan resigned as Director with effect
 from 31st July 1998.
 
 2000 - The Company has acquired ME Engineering, a UK-based company
               belonging to the Beel Industrial Boilers Plc group.
 
             - The Company has signed an exclusive distribution
 agreement for
               South Asian markets with US company Purafil Inc to
 market their
               dry gas scrubbers popularly known as chemical filters.
 
             - Thermax Ltd has signed a memorandum of understanding
 with the
               Society of Applied Microwave Electronics Engineering
 and Research
               for commercialisation of the latter's microwave
 disinfection
               system for treating pathological bio-medical waste
 generated by
               hospitals and research institutes.
 
            - The Company appointed Mr. P.M. Kulkarni as the Managing
 Director 
               effective from 21st July.
 
            - Thermax has entered into a share-swap arrangement with
 Global Tele-systems 
               for its software subsidiary, Thermax Systems and
 Software.
 
            - The Industrial Fan Division of Thermax Ltd. has been
 taken over by the
               Mumbai-based Universal Fans India Pvt. Ltd. (UFL).
 
            - Pune-based Thermax Ltd. has received ISO 14001
 certification for its
              environmental management system in its manufacturing
 plant at Chinchwad.
 
 2001 - Thermax has setting up of a wholly owned subsidiary company,
 Thermax Inc, in the US 
              with an initial equity base of 0,000 to enable it to
 push exports.
 
            - Thermax has set up its second overseas wholly-owned
 subsidiary, in Detroit, USA.
 
           - Thermax Ltd is acquiring a 50 per cent stake in Energy
 Performance Service (Thailand), 
             a subsidiary of Energy Performance Service of Canada.
 
           - Thermax and Cummins Diesel Sales and Services, the wholly
 owned subsidiary
             of the Cummins India, has entered into a strategic
 alliance to provide attractive energy
             solutions to various industry segments.
 
            - Thermax, which is restructuring its business, has sold
 its electronics and surface coating businesses.               The two
 businesses were carried out through two subsidiaries, Thermax
 Electronics and Thermax                Surface Coatings,
 respectively.
 
          -Thermax Ltd. the company has acquired the 50% equity stake
 of Culligan Water            Technologies Ltd (erstwhile Thermax
 Culligan Water Technologies Ltd). Consequently            Thermax
 Water Technologies has become a 100% subsidiary of the company.
 
 2002
 
  - Sunil Lalai appointed as Company Secretary of Thermax.
 
 -Mr.Prakash Kulkarni acquires additional shares amounting to 2250
 shares in Thermax Ltd.
 
 -Mrs. Meher P Pudumjee is appointed as non-executive vice-chairperson
 of Thermax Ltd.
 
 2003
 
 -Mr.Jairam Varadraj has been appointed as Additional Director on the
 Board of Thermax.
 
 -Shri Ashok Gehlot, Hon Chief Minister of Rajasthan inaugurated
 Thermax Captive Power 
 plant  in Beawar .
 
 -Anu Aga proposes her daughters name as chairperson's post of Thermax
 Ltd.
 
 -Thermax Ltd has informed that the company has incorporated and
 invested US $ 200,000 in a wholly owned overseas (WOS) subsidiary set
 up in Brazil.
 
 2004
 
 -Thermax receives Letter of Intent for Rs. 744.70 mn Power Plant
 
 -Thermax Ltd has informed that the Company has set up a wholly owned
 subsidiary in Hong Kong, in the name and style Thermax Hong Kong Ltd.
 This subsidiary would address the business opportunities identified in
 the Asia Pacific Region and more particularly in China for Absorption
 Chillers.
 
 -Thermax bags an order for Captive Power Plant
 
 -Thermax's Cogen Division receives letter of intent worth Rs 650
 million
 
 -Thermax Ltd has acquired 40 per cent stake of Babcock & Wilcox
 International Investments Co Inc (BWII) held in their joint venture
 for an undisclosed sum. 
 
 2005
 
 -Thermax inks agreement with HWB
 
 2006
 
 -Thermax Ltd has informed that the Company is setting up a plant in
 the People's Republic of China for manufacturing Absorption Chillers
 with an investment of US$ 8.0 million.
 
 
 2007
 
 -Thermax signs technology agreement with German Air Pollution Control
 leader 
  
 2008
 
 - Thermax Ltd has informed that the Board of Directors of the Company
 at its meeting held on January 29, 2008, inter alia, has approved the
 appointment of Dr. R A Mashelkar, Independent Director as an
 Additional Director of the Company with immediate effect.
 
 -Thermax signs 15-year pact with US firm
 
 -Thermax signs license pact with Babcock & Wilcox
 
 -Thermax receives an order of Rs 415 crore
 
 2009
 
 - Thermax Ltd has received an order of Rs 255 crore from a leading
 business conglomerate for supply of 4 x 250 TPH coal cum washery
 rejects CFBC boilers (Circulating Fluidised Bed Combustion Boiler).
 
 - Thermax on Sept 17 bagged an order for the supply of 270-MW power
 plant on a turnkey basis to be set up by a Hyderabad-based
 infrastructure company.
 
 -Business Excellence award for Thermax
 
 -Thermax wins order worth Rs. 1000 crore
 
 -Thermax signs technology agreements for advanced wastewater
 treatment
 
 -Thermax-SPX joint venture agreement signed