Thermax gains 3% on export contract win of $ 43 million

Published on : September 14, 2017 Topic : Companies

Share price of Thermax gained 3.5 percent intraday Thursday on the back of first EPC order in the GCC region.

The Thermax Group has won a USD 43 million contract from a leading cement company in the UAE for a turnkey captive power plant.

M. S. Unnikrishnan, MD & CEO of Thermax said, "This is the first EPC order that Thermax will be executing for a GCC (Gulf Co-operation Council) country. We intend to expand our footprint in this region where we have been providing business solutions."

The scope of supply includes design, engineering, manufacturing, construction and commissioning of the solid fuel based power plant with 2 CFBC boilers.

The company also would be supplying emission control equipment and water treatment plant for the project, to be commissioned within 18 months.

At 09:28 hrs Thermax was quoting at Rs 923.35, up Rs 24.80, or 2.76 percent on the BSE.

Source: MoneyControl
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