CAPTAIN COURAGE

For Anu Aga reviving Thermax was very fulfilling, but she finds social work more enjoyable now

- BY KRISHNA GOPALAN

The large office room in Pune is without a trace of ostentation. Anu Aga, 82, who insists on being addressed by her first name, does not revel in the achievements of Ther- max or her contribution to the company. In fact, she is at peace doing the simplest of things.

“I am not very aware of social media, something my grandchildren are a little embarrassed about. I have other interests. It’s a question of how much my brain can absorb,” she says with a smile.

Aga’s journey at Thermax started in the HR department in what turned out to be a base for more learning. There’s a bit of a story— with many twists—on how she took charge of Thermax. Aga’s husband, Rohinton, in his 40s, had a massive heart attack and two days after that, a stroke. “He was a remarkable man but, all of a sudden, could not recognise me or write the letters of the alphabet. It was through determination that he bounced back,” she says. This made her realise the importance of health. “His first passion was work and I was his mistress,” she says with a straight face, followed by a quick laugh.

The company, which is today a name in energy (boilers, waste-heat recovery systems, and absorption chillers) and environment (air-pollution control equipment and water treatment chemicals), had many non-core businesses such as electronics, software, grain silos and paint booths. “We got into software even before Infosys,” she recalls. These businesses were adding to the top line but were hardly profitable. As a result, the stock fell from ₹400 to ₹36. Finally, it was an anonymous letter from a shareholder who was unhappy about the company’s financial and stock performance that triggered a transformation within Aga. She had to be tough and divest some non-core businesses.