Addressing the 18th annual general meeting of the group, Chairperson of the Thermax group Anu Aga revealed that they were looking out for partners to help them divest from software and electronics. Simultaneously, Thermax is also re-aligning to make forays into the service sector by finding newer business forms like value added projects of energy services, O & M, BOO, BOOT. Aga felt that service packages would find greater relevance in the areas of cogeneration, process cooling, air-conditioning, water, waste water treatment, recycling and recovery from effluents.

``Energy and environment are no longer two separate issues. We would need to fully focus on the theme of energy and environment in an integrated manner,'' she said.

Managing director Abhay Nalawade said that they had received proposals for takeover of small to medium sized cash strapped companies. `` We turned down a number of proposals since we are not looking to add on new capacities,'' he said, adding that they would prefer to go after companies with the competitive technologies to enhance their capability in terms of niche market technologies.

The company recorded modest first quarter results this year. As compared to the turnover of Rs 250 crore for the first quarter last year, Thermax Limited is expected to record a 15 per cent to 20 per cent drop in its turnover for the same period this year.

Anu Aga explained that the uncertain political climate in the country and the lack of availability of commercial credit from the financial sector to the non mega projects had impeded investment, especially in the Cogen division which is critically dependent on the financial closure of IPP projects. Abhay Nalawade expected Cogen to get a big boost next year since Thermax had three projects on hand in India with funds likely to come in from two Malaysian and one US company.