Thermax, a multigenerational family controlled, professionally managed business established in India, has retained its focus on developing patient long-term investment in environmental sustainability strategies while maintaining competitive advantage and perpetuity of the firm. The embeddedness of sustainable practices and social responsibility in the controlling family led to the development of the company’s unique vision, strategies, and resources.
The family contributed to its sustainability goals of Thermax in two ways: one, by pioneering initiatives to develop better products that set sustainability standards, and two, by improving efficiency, productivity, and more effective use of resources internally. Thermax was proactive in responding to various challenges in the external environment to preserve and adopt green, sustainable practices and influencing the energy and environment industry.
This chapter provides a brief history of Thermax’s sustainability journey over the three generations and key insights for other family businesses looking to pursue proactive environmental strategies.