“A collective achievement”

"Across generations, Thermax has never withdrawn from an unwavering commitment to social responsibility and philanthropic endeavors,” stated the citation for the 2023 IMD Global Family Business Award presented to Thermax Group chairperson Meher Pudumjee in Paris on November 9, 2023. It is a "validation of our commitment to every stakeholder, to sustainability, ethical business practices, our vision and values,” stated the chairwoman of the engineering conglomerate. Thermax’s work culture has seen contribution from "each person, painstakingly… This Award is a collective achievement, and it inspires us to keep pushing the boundaries of what a family business can achieve,” she said in a company press note.

"There is no fear in the organization,” stated Pudumjee in a video celebrating the Award.” It is fear that stops people from giving their best, she added. Former chairwoman and non-executive director Anu Aga, Meher’s mother, stated, "Businesses cannot be judged only by their financial results, but by the impact they have on society.” Meher’s husband Pheroz, non-executive director of the Group, spoke about the "culture of intrapreneurship in the company” that allows each one to give their best. (Intrapreneurship allows an employee to act like an entrepreneur within a company.)

From l: Pheroz Pudumjee, Anu Aga, Meher Pudumjee, Peter Vogel

Peter Vogel, director the IMD Global Family Business Center called Thermax "not just an inspiration in India” but also a gold standard for family enterprises globally. "This family business has thrived while devoting itself to the commendable and most necessary endeavor of creating a more sustainable future,” he stated, in a reference to the Group’s products in environment management, water treatment and waste solutions. Vogel stated that Thermax has "been doing so with a truly pioneering spirit of embracing technological innovation and remarkable adaptability and resilience, particularly during leadership transitions.”

Alexis du Roy de Blicquy, chief executive of The Family Business Network (FBN) that provides a platform for the Awards stated, "As a founding member of FBN India chapter two decades ago, Thermax’s family business has been a driving force in developing the family business ecosystem in India and the South Asian region, inspiring many families on their governance and succession journeys.”

Pheroz told Parsiana that Meher has served as board member of the Confederation of Indian Industry (CII)-FBN India chapter and later as chairperson of the chapter for three years from 2011. She currently serves as ambassador for the CII-FBN India chapter "maintaining a key role in the organization’s leadership.”

The IMD Global Family Business Award was created in 1996 with the objective of promoting family businesses by highlighting the "exceptionally high standards they are capable of and the many forms they may take.” As states their website, "this annual award provides a unique opportunity to promote the indispensable role family businesses play in the global economy.”

The firm was started by Meher’s maternal grandfather Adi Bhathena and father Rohinton Aga in 1980 to manufacture industrial boilers. Meher is the first qualified engineer from the family to join Thermax. She completed her postgraduation in chemical engineering from the Imperial College of Science and Technology in London. She was inducted as a trainee engineer in 1990 and a year later she and Pheroz, who had earned his master’s in business administration, were made responsible for a Thermax subsidiary in the UK. "It was like ‘throw them in at the deep end and let them swim.’ There were lots of mistakes we made but at the end of four years we managed to turn around the subsidiary,” she had stated in 2020 (see "Profits and pitfalls,” Parsiana, February 21-March 6, 2020).

Thermax provides sustainable energy solutions for heating, cooling, power generation (including green power), water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy and clean water. The Group comprises 17 domestic and 20 overseas subsidiaries and operates through 34 international offices and 14 manufacturing facilities, including four overseas. Group revenue in 2022-23 was Rs 8,090 crore.