A maintenance worker inspects a SolPac D160 parabolic dish in a solar field, comprising of solar concentrating reflectors developed by Thermax Ltd. (Photographer: Dhiraj Singh/Bloomberg)

Thermax Expects Indonesia To Aid Growth

Thermax Ltd. expects the Indonesian market to aid growth for the engineering and energy equipment company.

“I am confident about the Indonesian market,” Managing Director and Chief Executive Officer MS Unnikrishnan told BloombergQuint in an interview. “We are seeing visible projects coming in the consumption-oriented sector in the region.”

Except for its Chinese subsidiary, Thermax’s arms including the ones in Europe are witnessing an improvement, he said. “A clear picture of all the subsidiaries will be visible at the end of the financial year.”

It’s also in the process of strengthening engineering-procurement-construction operations in Southeast Asia. “Southeast Asian markets are encouraging us to localise our project operations,” Unnikrishnan said, adding that Thermax would be registering EPC arms in other markets in the region.

Shares of Thermax ended 1.2 percent lower at Rs Rs 934.65 apiece.