Social Initiatives at Thermax Ltd.

Case Details Case Introduction 1 Case Introduction 2 Case Excerpts

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As of 2016, the core business of Thermax was categorized into Boilers and Heaters; Cooling and Heating; Power Generation; Chemicals & Water; Air Pollution Control, and Renewable Energy. There were five manufacturing locations in India with a large number of dealers and franchisees and 12 sales and service offices located throughout the country. It had a global presence in critical markets namely, Europe, the US, Brazil, Japan, and Russia while providing products and services to over 40 countries worldwide. There were three manufacturing plants — in the US, Scotland, and Australia. The global subsidiaries helped in enhancing its exports and improving its top line (Refer to Exhibit III for the organizational structure of Thermax)...

Business Ethics Case Studies | Case Study in Management, Operations, Strategies, Business Ethics, Case Studies
Business Ethics Case Studies | Case Study in Management, Operations, Strategies, Business Ethics, Case Studies
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Guided by the vision of Rohinton Aga –“Profit is not just a set of figure but of values”, Thermax believed that organizations should stop thinking simply of profits and pay attention to the welfare of the society at large. The firm worked on a humble CSR agenda over a period of several years. The CSR program of Thermax was formalized when the Thermax Social Initiative Foundation (TSIF) was formed in March 2007 as a not-for profit body registered under section 25 of the Companies Act, 1956. Anu Aga was the Director and Chairperson of TSIF and Manabendra Nath Sanyal was the head of Thermax’s CSR program...


In the new millennium, Thermax focused on re-orienting its business model. It planned to tackle the cyclical nature of the business by: growing standard products; capturing the revenue spends of customers; and, funding new businesses and product portfolios. M.S. Unnikrishnan (Unnikrishnan), Managing Director and CEO of Thermax, believed in the significance of long-term value creation, adoption of green technologies, and the realization that “the business of business is not just business, but also to contribute to community welfare”...


Exhibit I: Facts Related to the Companies Bill, 2013

Exhibit II: Thermax Limited – Key Financials

Exhibit III: Organization Structure of Thermax Ltd.