Ashish BhandariManaging Director and Chief Executive Officer
Ashish Bhandari is the Managing Director & CEO of Thermax Group since 1st September 2020.
Under his leadership, the Group has been steadfast in advancing its strategic direction to become a trusted partner in energy transition and sustainability. With a focus on driving innovation and creating long-term value, Ashish spearheads initiatives to maintain Thermax’s leadership in energy and environment solutions. He is instrumental in strengthening global customer and partner relationships, steering the Group’s expansion into emerging sectors and markets, and adapting to evolving business models and industry trends to ensure the Group remains agile and future-ready.
A passionate advocate for innovation, Ashish drives Thermax’s global product and service development strategies, ensuring they align with the changing needs of industries and the broader goal of decarbonisation. Ashish has been at the forefront of Thermax’s digital transformation journey, leveraging cutting-edge technologies such as AI, IIoT, and data analytics to enhance product offerings and operational efficiency. His commitment to innovation is reshaping how Thermax delivers value to customers in an increasingly technology-driven world. He envisions that by 2030, a significant portion of Thermax’s portfolio will comprise businesses that are currently in nascent stages, reflecting his commitment to fostering growth in new areas.
Ashish brings over two decades of rich and diverse experience from world-leading organisations across industries. Before joining Thermax, he served as Vice President for India and South Asia regions at Baker Hughes (formerly a GE company), where he played a pivotal role in driving growth across the region. His 15-year tenure at GE included several senior leadership roles, building expertise in operational excellence and market expansion. Earlier in his career, he contributed to leading organisations such as Schlumberger, McKinsey & Company, and two international startups, giving him a unique perspective on global business dynamics.
Beyond his corporate endeavours, Ashish is known for his thought leadership in navigating complex industry landscapes. He is a member of CII’s National Committee where he co-chairs the Capital Goods Committee and various sub committees relating to startups in manufacturing, green energy, and biofuels.
Ashish holds a Bachelor of Technology (B. Tech) in Electrical Engineering from the prestigious Indian Institute of Technology, Bombay, and an MBA from Duke University. His educational foundation, combined with his extensive professional experience, underpins his strategic leadership at Thermax.
B. C. MaheshPresident and BU Head – Industrial Products
B. C. Mahesh is the President and Business Unit Head for Industrial Products. He became a member of Thermax's Executive Council in August 2013.
Mahesh is responsible for the Industrial Products business, which consists Process Heat Solutions, Cooling & Heating Solutions, Water and Waste Solutions, Air Pollution Control Systems, Steam Engineering Solutions, Channel Business Group, International Business Group, and Enterprise Sales businesses. As part of Industrial Products, he also oversees the following wholly-owned subsidiaries of Thermax – Danstoker (Denmark and Poland), PT Thermax International Indonesia and Rifox-Hans Richter GmbH.
Mahesh joined Thermax as a graduate trainee in 1988 and handled the Materials function for various businesses, including global sourcing, till 1996. He moved to the Power division (now Projects & Energy Solutions) and grew to the position of Sales Head and subsequently Head of Projects. He took over as the SBU Head for Medium Power Plants in 2009 and finally as Head of Power business in 2012. Mahesh has worked with Thermax for over 35 years in many functions such as manufacturing, supply chain, sales and marketing, and project management, and has played a significant role in the strategy, expansion and diversification of the Power business.
Mahesh completed his Mechanical Engineering from the Visvesvaraya Regional College of Engineering, Nagpur in 1988.
B. C. RajeshPresident – Industrial Infra
B. C. Rajesh is the President of the Industrial Infra segment, and is also a member of the Thermax Executive Council.
He has over 28 years of global professional experience spanning the projects, products and services industries across functions. Prior to joining Thermax, he was working with Mahindra Teqo, Mumbai as the Chief Executive Officer. Besides Thermax, his earlier stints have been with PT Kaltimex Energi where he managed business development and regional operations for steam turbine generator packages, and Gherzi Eastern Limited, where he provided project management advisory services, collaborating closely with multinational clients.
During his stint at Thermax, he was instrumental in handling large projects in P&ES. He also led the Operations and Maintenance (O&M) business, overseeing substantial advancements. Later, he took over as the SBU Head of Services business at TBWES. Under his leadership, the SBU built a substantial business of parts, Pure Services & Digital.
Rajesh has earned his Bachelor’s in Engineering & Master’s in Construction & Project Management from the National Institute of Construction Management and Research (NICMAR). Additionally, he has also completed the Executive Programme in Applied Finance from the Indian Institute of Management – Calcutta (IIMC).
Dinesh MandhanaExecutive Vice President and BU Head – Chemicals
Dinesh Mandhana was appointed as a member of the Executive Council in July 2022 and is the Business Unit Head for the Chemicals division at Thermax. Additionally, he serves as a Director on the Board of Thermax Inc. (USA), a wholly-owned subsidiary of the company.
He has been with Thermax for over 13 years and has a rich experience of over two decades in manufacturing, management, procurement, project management, engineering, business development and strategy. Before joining Thermax in 2008, Dinesh worked with Ion Exchange Ltd. and CIBA.
At Thermax, he has helmed multiple roles in the Chemicals business. Dinesh was instrumental in establishing the Jhagadia, Gujarat plant for specialty chemicals. He was also responsible for the overall operations of the business, expanding the ion exchange resins capacity at Dahej, Gujarat, and diversifying the business. Prior to his current role, he was the SBU Head of the Chemicals business.
Dinesh is a Chemical Engineering graduate from Dr. Babasaheb Ambedkar Marathwada University, Aurangabad. He has also completed the leadership development programme from the Indian School of Business, Hyderabad.
Kirtiraj JilkarExecutive Vice President and BU Head – P&ES
Kirtiraj Jilkar joined the Executive Council in July 2022 and is the Business Unit head for Projects and Energy Solutions (P&ES).
Kirtiraj has worked with Thermax for over 30 years and has held multiple roles. He joined Thermax as an MBA graduate in 1995 in TBWES (formerly TBW), as a Product Manager for Oil & Gas fired boilers and has risen through the ranks to hold critical positions. He moved to the Cogen division in 1997 to handle the business development for the power portfolio. After successfully pioneering the EPC concept sale in the industrial captive power space in India he was chosen to lead international sales in 2005. Post this successful stint, he handled the Large Power Plant SBU as the Operations Head in 2010.
Prior to his current role, he was instrumental in turning around the solar renewables portfolio and strategically growing the Power-O&M business as the SBU Head.
Adept with business strategy, operations planning and control, global business development, service delivery and asset integrity, Kirtiraj overlooks the operations of over 100 plants across three continents.
He completed his Mechanical Engineering and MBA from the Maharashtra Institute of Technology and the Institute of Business Management and Research – Pune, respectively.
Rajendran ArunachalamExecutive Vice President and Group Chief Financial Officer
Rajendran Arunachalam took over the responsibility as the Thermax Group CFO on June 1, 2019. He joined the company earlier, in March 2019, as Executive Vice President and a member of the Executive Council.
A seasoned professional with over 30 years of industry experience, he began his journey with Thermax in 1993 as a Management Trainee, progressing to become Finance Controller for the erstwhile Chemical and Power divisions. Rajendran later worked with Tata AutoComp Systems from 2008 to 2013, where he held senior financial roles, and at Gabriel India Ltd. as the CFO, where he oversaw Finance, Secretarial, Legal, and IT functions before rejoining Thermax in 2019.
Rajendran is known for his strategic leadership across finance, shared services, legal, corporate secretarial, EXIM, and enterprise risk management. His extensive skill set includes business planning, shared services setup, fundraising, mergers and acquisitions (M&A), and enterprise risk management. In addition to his corporate accomplishments, Rajendran has contributed to industry thought leadership as Chair of the Confederation of Indian Industry’s (CII) Maharashtra State Council Finance Forum, Chair of CII CFO Forum of Western Region and Pune, and as a National Committee Member of CII’s Total Cost Management initiative. He is currently serving as a member of the CII National Committee on Financial Reporting. He has also been honoured with the CFO of the Year Award in the Industrial Manufacturing Sector by CII in 2022.
Rajendran is a Certified Public Accountant from the American Institute of Certified Public Accountants (AICPA), USA, a Fellow Certified Management Accountant (FCMA), and a Chartered Global Management Accountant (CGMA) from AICPA and Chartered Institute of Management Accountants (CIMA), respectively. He also holds a Master’s in Management Studies (MMS), an Integrated Programme of Engineering & Management from the Birla Institute of Technology and Science (BITS Pilani). He has attended the Senior Executive Leadership Programme at Harvard Business School, USA, and the Advanced Management & Leadership Programme at Oxford University, UK.
Dr. Amit SethiExecutive Vice President and Chief Digital & Information Officer
Dr. Amit Sethi is the Chief Digital & Information Officer and is also a member of the Thermax Executive Council since October 2022.
Dr. Amit Sethi has over 25 years of global experience, he brings expertise in digital and IT strategy execution, cybersecurity, P&L leadership, Industry 4.0, SaaS solutions, ERP systems, and emerging digital technologies. His deep domain knowledge and ability to align IT initiatives with business goals play a key role in Thermax’s digital transformation journey.
His earlier professional journey included pivotal roles as the Vice President and Regional CIO for MENAT and India at Baker Hughes, where he led strategic IT initiatives and served as a board member of the Petroleum Industry Data Exchange (PIDX International). At GE Oil & Gas, he was Regional CIO, focussing on innovative IT solutions. He has also held leadership positions at CSC, Genpact, and PwC, driving key projects in consulting and digital transformation.
A customer-centric leader, Dr. Sethi has consistently demonstrated his ability to drive innovation and operational excellence. Beyond his professional responsibilities, he has co-chaired the CII (Confederation of Indian Industry) Western Region CDIO Forum since October 2024 and is the Founder and Director of the Green Ecospace Foundation, a not-for-profit organisation committed to road safety, cleanliness, and medical support initiatives.
His achievements have been recognised through several prestigious awards, including the Trailblazer CIO of the Year 2024 by IDC, the NASSCOM AI Gamechanger Award – Challenger 2024, and multiple leadership accolades such as the Best People Leader Award from GE Digital Technology Leadership Programme in 2018 and 2019. Additionally, he has also received the Strategic Initiatives Excellence Award from GE Oil & Gas in 2016 and the Diamond Award from Genpact in 2009.
Dr. Sethi holds a PhD in Marketing and a PGDM (MBA) degree in Marketing and System, both from IIM Lucknow, and a B. Tech in Electrical Engineering from VJTI, Mumbai. He has also completed specialised management programmes from GE Crotonville and Baker Hughes.
Dr. Santanu ChaudhuriExecutive Vice President and Chief Technology Officer
Dr. Santanu Chaudhuri is the Chief Technology Officer (CTO) and joined the Executive Council of Thermax in October 2024.
Dr. Santanu has over 27 years of global experience, spanning leading academic institutions and national research laboratories. Before joining Thermax, he served as a Professor of Materials and Chemical Engineering at the University of Illinois, Chicago. His previous roles include positions at Argonne National Laboratory, University of Illinois at Urbana-Champaign, Washington State University, Brookhaven National Laboratory, and Alumnus Software Limited.
His professional portfolio spans from managing large-scale R&D initiatives to overseeing multi-million-dollar portfolios in applied energy technologies. His success in building public-private partnerships, securing over $54.5 million in funding proposals from prestigious organisations, and other similar achievements are a testament to his expertise. As a director at Argonne National Laboratories Manufacturing Science and Engineering, he led efforts for faster deployment of energy systems in collaboration with the US Department of Energy and Industries. He has been working on hydrogen and conversion technologies since 2003 and spearheaded the development of autonomous Al-enabled laboratories and digitised the materials scale-up and roll-to-roll coating environments for energy systems.
Dr. Santanu has completed his Bachelor of Science with honours in Maths, Physics and Industrial Chemistry from Calcutta University’s SAJ College. He also holds an Advanced Diploma in Software Engineering from APTECH and PACE University (NY) and studied business management at the Post-graduate Institute of Management, Kolkata. Additionally, he is a PhD holder in Materials and Computational Chemistry from the State University of New York at Stony Brook working on catalysts, battery materials, and ionic conductors.
Arun UnniExecutive Vice President and BU Head – New Energy & Strategy
Arun Unni joined as the Business Unit Head for the New Energy business and Head of Strategy for Thermax in November 2024. He is also a member of Thermax’s Executive Council.
Arun brings over 23 years of global consulting and industry experience, focussed on energy and sustainability. Before joining Thermax, Arun was working at Kearney, Mumbai, as a Senior Partner, Energy and Process Industries and as Head, Sustainability for the APAC region. He has also held key positions as Chief Content Officer at TATA Sky, Management Consultant at KPMG Advisory, and Arthur Andersen. Arun’s involvement in the renewable energy industry started when it was at a very nascent stage in the country, and he has remained closely connected to the energy ecosystem throughout his career.
In his dual stint at Kearney, Arun has helped organisations in establishing and leading decarbonisation and sustainability practices for the oil & gas, steel, and cement sectors. Arun’s expertise extends across process electrification, biofuels, and carbon capture.
An active thought leader, Arun has been actively involved in providing policy inputs to the Energy Transition Advisory Committee, Ministry of Steel (MOS), Bureau of Energy Efficiency (BEE), India CEO Climate Alliance, and the World Economic Forum (WEF), focussing on India’s net zero and Scope 3 pathways. Additionally, he has significant experience in M&A, technology partnerships, and operational transformation in both renewable and conventional power businesses.
Arun holds a Bachelor of Technology in Civil Engineering from the Indian Institute of Technology, Mumbai, and a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad.
