Vision

Thermax has recently acquired European boiler maker Danstoker for Rs 187 crore. This could well be the first of a series of small to mid-sized acquisitions that the company plans to make going forward. “Acquiring global companies will enable Thermax to enhance its product portfolio and extend it to untapped markets,” MS Unnikrishnan asserts by further adding that the company is looking at South East Asia, Middle East and South America for buyouts.

Capex

The capital goods maker has a capital outlay of Rs 500 crore to be spent over two years—mainly to enhance capacity and upgrade technology. “Despite the current economic downturn, we are not going to make any changes in our capital expansion program because what you invest today as capacity building is going to come into play 24 months down the line,” he adds.