Thermax Group has received a Rs 580 crore order from Dangote Industries, a West African conglomerate. In an exchange filing, the company said the order pertains to the supply of utility boilers and associated systems for Dangote’s refinery and petrochemical complex in Nigeria.
Thermax added that the scope of the order covers project management, engineering, procurement, manufacturing, supply of plug-and-play boiler modules, and supervision of construction and commissioning.
“We are glad to receive this order from Dangote Industries, supporting its aspiration to advance Africa’s energy independence and energy security,” says Ashish Bhandari, MD & CEO, Thermax. “This prestigious order reflects Dangote’s trust in our expertise, quality standards, and ability to execute complex projects.”
Thermax’s partnership with Dangote Industries
Thermax said that its relations with the largest conglomerate in West Africa go back to 2017, when the company received $157 million order to supply boilers, HRSGs, and flue gas steam generators for Dangote’s refinery project in Lekki, Nigeria. The company said that over the course of time, it has worked with Dangote on the installation, commissioning, and modernisation of boiler systems.
“We are proud to continue our long-standing partnership with Thermax, whose expertise and reliable solutions have been instrumental in the success of our projects,” said Alhaji Aliko Dangote, Founder and President, Dangote Industries. “This collaboration reflects the legacy of trust and excellence we have built together over the years.”
Thermax share price
On Wednesday, Thermax’s stock closed at Rs 2,931.20, 1.68 per cent higher in the intraday trade.
However, in the last month, Thermax’s share price has lost 11.5 per cent of its market value. Similarly, in the last six months, its share price has declined 15.8 per cent