Clarification on media report about a potential growth partner for First Energy, the renewable subsidiary

A media report said the company is scouting a partner for its green energy unit.

Fri 9 Oct 2026

Subsidiary

First Energy Private Limited (FEPL), a wholly owned subsidiary

CEO Appointment

Mr. Basant Jain has recently been appointed CEO of FEPL

FEPL Offerings

solar, wind, wind-solar hybrid and storage batteries to commercial and industrial customers

What the company has said

The company has issued a clarification about a news article titled "Thermax Scouts for a Partner to Charge Up its Green Energy Unit", published on October 9, 2026. The article related to a potential partnership in First Energy Private Limited, or FEPL, which the company describes as a wholly owned subsidiary.

About the business

• FEPL works on enabling customers' transition to renewable energy.
• It offers solar, wind, wind-solar hybrid and storage batteries.
• It serves the commercial and industrial segments.

Leadership

• Mr. Basant Jain has recently been appointed CEO of FEPL.
• The company calls him an industry leader with deep experience in the renewable energy sector.
• It says the appointment reflects its commitment to accelerating the next phase of growth, on the back of strong execution capability and a fast maturing pipeline.

On the reported partnership

• As part of its long-term strategy, the company says it is evaluating various strategic opportunities for its renewable portfolio under FEPL.
• The stated purpose is attracting a growth partner to strengthen the platform.
• The company adds that at this stage there is no material event or information that requires disclosure under Regulation 30 of the Listing Regulations, and that it will make appropriate disclosures in compliance with applicable laws, as and when required.

What a rumour-verification clarification is

When a news report about a listed company appears, the exchanges can ask the company to confirm, deny or explain it. The company's reply tells the market what is actually happening behind the headline.

The reply here does two things. It confirms the broad direction, that the company is evaluating options for its renewable portfolio under FEPL, and it states that nothing has yet reached the threshold of a material event that must be disclosed right now.

How to read the language

The words to note are "evaluating" and "attracting a growth partner". This is the language of an early-stage exercise. It is not a signed deal, not an approved transaction, and not a confirmed partner.

The CEO appointment at FEPL is a step that has already happened, and the company links it to the growth plan for the platform. The partnership itself is described as something under evaluation.

The company has also said it will disclose further as and when required, so any concrete development in this direction would come to investors through a separate update.

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