Your Green Energy Manager that navigates you on your journey to a greener future.


Fostering our presence in the renewable energy segment, Thermax’s group company, First Energy Private Limited (FEPL), is uniquely placed to help its customers in their energy transition journey. With this new infrastructure being set, Thermax will be diversifying its sustainable offerings with solar hybrid farms and storage batteries, catering to customers in the commercial and industrial space. The spectrum of renewable energy based power delivery solutions will cover capex and opex bespoke offerings that will span across Africa to ASEAN geographies.

FEPL will partner with large and small industries that want to transition to clean energy and help them navigate their energy switch journey over a long period with customised off-grid solutions. The company will enter into long-term contracts with its customers backed with significant investments in building the power infrastructure.


Ashish Bhandari

Managing Director & CEO
Thermax Limited

Ashish Bhandari is the Managing Director & CEO of Thermax Group since 1st September, 2020.
Before joining Thermax, Mr. Bhandari was the Vice President – India and South Asia region at Baker Hughes (formerly a GE company). He joined GE in 2005 in Houston, USA and relocated to Gurgaon in 2011. He is credited with building GE Oil and Gas into one of GE’s biggest businesses in India and for the successful integration of Baker Hughes and GE Oil and Gas during a time of significant transition. Over his 15-year GE career, Mr. Bhandari has worked in a variety of industrial businesses including GE Enterprise Solutions, GE Energy, and GE Oil and Gas. He has been instrumental in consolidating legacy businesses and at the same time looking at new technologies and opportunities for growth.

His prior work experience includes Schlumberger, consulting with McKinsey & Co. and two start-ups overseas.

Mr. Bhandari completed his Bachelor of Technology in Electrical Engineering (B Tech) from the Indian Institute of Technology, Mumbai. He received his master’s degree in Business Administration from Duke University.

Hemant Mohgaonkar

Executive Vice President, New Energy
Thermax Limited

Hemant joined as the Executive Vice President & Group Business Head for the Cooling & Heating business in 2010. He also heads the Manufacturing group.

In a career spanning 21 years, Hemant worked with Knorr Bremse India, Tata Toyo Radiators Ltd., FAG Precision Bearings Ltd., Indian Seamless Metal Tubes and Bharat Forge. His vast experience encompasses strategic planning, marketing, sales, engineering and technology development.

Hemant joined Thermax from Tata Auto Comp Systems (TACO) where he was President and Head-Business Group II, overseeing Interiors and Plastic division, Automotive Composite business and Tata GS Yuasa battery business. Earlier, as head of engineering service business of TACO, he was responsible for setting up engineering centres in Japan and China.

A BE Mechanical from Nagpur University, Hemant is also an MBA from Symbiosis, Pune and has completed a Diploma in General Management from Netherland’s Maastricht School of Management.

Rajendran Arunachalam

CFO and Executive Vice President
Thermax Limited

Rajendran Arunachalam took over the responsibility as the Thermax Group CFO on June 1, 2019. He joined Thermax as the Executive Vice President (EVP)- Finance and a member of the Executive Council of Thermax Group in March 2019.
Starting his career with Thermax as a Management Trainee in 1993, he had worked for 15 years till 2008 across departments and businesses, including the role of Finance Controller for Chemical and Power businesses. He worked with Tata AutoComp Systems from 2008 to 2013 and subsequently moved to Gabriel India Ltd., where he was the CFO heading Finance, Secretarial, Legal & IT functions before rejoining Thermax.

A Certified Public Accountant, Rajendran has completed his Masters in Management Studies (MMS), Integrated Program of Engineering & Management from BITS Pilani and Advanced Management & Leadership Program from the Oxford University in the UK.


Ravi Damaraju

Chief Executive Officer
First Energy Pvt. Ltd.

Ravi has over 28 years of experience across Strategic Business Planning & Development of solar, wind and gas based power generation. As head of Business Development with top notch IPP, he has been able to secure ~ 3 GW RE capacity (solar/ wind and hybrid) thru Govt. auctions. Ravi is highly conversant with C&I RE ecosystem; involved with structuring single largest C&I solar project of 100 MW.

Prior to joining Thermax, Ravi was associated with Torrent Power, SB Energy, GE Renewable and Reliance Industries Limited.

Ravi has completed his Mechanical Engineering and an Executive General Management Programme from Indian Institute of Management, Bengaluru.



Accelerating the journey to carbon-neutrality through decentralised RE-power


To become a leading organisation that facilitates the commercial and industrial energy ecosystem decentralise and decarbonise through RE-power.


  • Build and operate bespoke and flexible energy assets to customer needs
  • Innovate to deliver best in class solutions with optimal asset lifecycle management
  • Establish and nurture customer relationships for sustainable development


  • Inclusiveness
  • Excellence
  • Discipline
  • Integrity
  • Collaboration
  • Innovation