Thermax is likely to close a cogeneration project deal with one of the sugar cooperatives in Maharashtra in a month. The order from the sugar company is around Rs 80 crore. The company expects to get orders from some small captive and independent power projects as well.

Negotiations are on for setting up power plants in Maharashtra, Gujarat, Karnataka and Andhra Pradesh. "Business is also expected from several project revamps and modernisation projects in the energy sector," company officials said. Unfortunately, growth in the sector has been hampered by delays in policy-making and granting approvals. These are, however, being sorted out,officials said. The company expects an approximate 10 per cent growth in sales and profit before tax in the current financial. The growth will largely be from exports. In the local market, it sees opportunities from existing projects.

Thermax has experience in thermal engineering and offers total energy solutions for cogeneration projects. To continue focus on its primary activity and maintain cost-competitiveness, Thermax is not keen on picking up equity in the power plants. "As our main thrust is on EPC, we would like to compete as EPC contractors and not project developers," officials said. To undertake turnkey projects, Thermax has forged several joint ventures and technical collaborations.