The consideration is in lieu of plant, machinery, technology, design and drawings. "We have been associated with Thermax since 1978, and had been supplying fans to the company until 1984," said Mr. F Miranda, managing director of UFL.

Thermax could only add Rs 3 crore to its turnover last year, due to slackness in the capital goods market. Mr. Miranda, however believes UFL can succeed where Thermax has failed on account of its lower overheads. He expects to notch a turnover of Rs 12 crores in a year''s time thanks to Thermax technology.

Earlier, Thermax had exited the transmitters and software businesses.

Thermax has identified four core areas that it will focus on, and either ''reshape'' or ''find best owners'' for the other businesses. The four core areas include boilers and heaters, water and waste water management, absorption cooling and chemicals.

Thermax Culligan could well be the next group company to see some restructuring, although Ms. Meher Pudumjee, erstwhile executive director and in charge of joint ventures said the joint venture was still intact.

According to informed sources, Culligan buying Thermax out would be one of the options that Thermax "would view seriously". Thermax Culligan last year made a loss of Rs 8 crores on a turnover of Rs 12 crores.