Thermax seeking acquisitions to expand as business rebounds

Thermax Ltd. is seeing most of its businesses bounce back to year-ago levels and is now focused on options for growth.

The Indian maker of electricity-generation and pollution-control equipment will consider mergers and acquisitions, technological arrangements and geographic partnerships that are “small and easy to digest,” Chief Executive Officer Ashish Bhandari said.

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

Thermax is betting on technology to provide solutions to problems arising from urbanization, such as air and water pollution. The company sees coal continuing to be used as a fuel in some countries and is offering solutions to reduce its environmental harm.