PUNE
THERMAX Ltd, which is restructuring its business, has exited its electronics manufacturing and surface coating businesses.

The two businesses were carried out through two subsidiaries, Thermax Electronics Ltd and Thermax Surface Coatings Ltd.

The exit of both businesses has been in favour of existing manufacturers in those lines.The electronics business, which manufactured passive components, has been sold to Thakor Electronics Ltd for an undisclosed amount.

Thermax Electronics had losses of Rs. 1 crore and has been closed from April 2001.

The sale was completed about eight days ago and Thakor Electronics has begun production. Some of its workers had agitated and a separate settlement was reached with them, Prakash Kulkarni, managing director, Thermax Ltd, said.In keeping with Thermax's decision to exit non-core businesses, it sold its surface coatings business about four months ago, Kulkarni said.

Thermax had been determined to quit this line, with Kulkarni categorically stating that as a "last resort" they would even contemplate closing the unit.

With the current sales, both businesses are again operational.