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Informist, Wednesday, Jun. 3, 2026

 

--NCLT approves Thermax's scheme of merger to absorb arm Buildtech Products 

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved the scheme of merger filed by Thermax Ltd. to absorb its wholly-owned subsidiary Buildtech Products India Pvt. Ltd. The tribunal said that since the requisite statutory compliances have been fulfilled, Thermax's scheme of merger is allowed and Buildtech Products will be dissolved without winding up.

 

According to the merger scheme, since Thermax along with its nominees holds the entire equity share capital of Buildtech Products, upon amalgamation, neither any consideration will be paid nor any shares issued by the former to shareholders of the latter. The shares of Buildtech Products held by Thermax will stand extinguished. The appointed date fixed under the scheme is Apr. 1, 2025, the tribunal said.  

 

The merger will lead to consolidation of the construction chemicals business, enabling economies of scale and efficiency in operations, according to the scheme. It would also help eliminate duplication of operations for the construction chemicals business, it said. The merger will help Thermax directly expand its market reach by accessing the network already established by Buildtech where Thermax had limited presence otherwise, according to the documents.

 

The merger will also result in reduction in the multiplicity of legal and regulatory compliances required at present to be separately carried out by both the companies. It will also result in reduction in overheads, including administrative, managerial and other expenditure, and optimal utilisation of resources by elimination, if unnecessary duplication of activities, and related costs, according to the scheme.
 

The documents said the merger will provide cash flow management and unfettered access to cash flow and other resources generated by the construction chemicals business, which can be deployed more effectively for development of businesses of the combined entity, their growth opportunities, eliminate inter corporate dependencies, and maximise shareholder value. The merger would motivate employees of Buildtech Products by providing better opportunities to scale up their performance with a larger corporate entity having a large revenue base, resources, and assets base, which will boost employee morale and provide better corporate performance, ultimately enhancing shareholder value. 

 

Buildtech Products is engaged in the business of manufacturing, producing, processing, buying, selling, importing, exporting, distributing, and dealing in all kinds of construction chemicals, including but not limited to admixture, powder, waterproofing and other related products. Thermax is engaged in the business of offering solutions to energy, environment and chemical sectors. 

 

At 1301 IST, shares of Thermax Ltd. were down 4.1% at INR 4,768.00 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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