Thermax a global engineering solution provider in the energy and environment sectors, announced today that it has signed an agreement to acquire 33% stake in First Energy, an alternative energy solutions company. The agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years.

First Energy focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. First Energy has recorded revenues of Rs 420 million in 2014-15.

"The partnership offers Thermax synergy and new opportunities in the commercial space to serve customers with alternative and cost saving solutions," stated M S. Unnikrishnan, MD & CEO, Thermax.

Shares of the company gained Rs 36.15, or 3.48%, to trade at Rs 1,074.50. The total volume of shares traded was 2,924 at the BSE (9.45 a.m., Thursday).