BSE-listed Thermax, energy and environment engineering major, on Wednesday said it had settled a

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legal dispute with unlisted Purolite International, ending a five-year protracted litigation in the US, top officials said.

The Rs 3,300 crore Pune-based company will pay US-based Purolite $38 million (around Rs 178 crore) in four instalments over 2010, beginning the first quarter of the next financial year 2010, according to a communique sent to the Bombay Stock Exchange. “The dispute was about the ion exchange resin business in the United States, and an amicable out of court settlement has resulted in the co-ownership of the information and technology in dispute,” Meher Pudumjee, chairperson, Thermax, said.

She said the out-of-court settlement permanently resolved all claims and counterclaims with no more financial obligations. The firm did not disclose the terms of agreement.

“Beyond a one-time impact on the balance sheet, the settlement paves the way for Thermax to move on to focus on growing and strengthening its energy and environment business,” MS Unnikrishnan, managing director and CEO, Thermax, said. He acceded that during the last five year legal battle the firm’s business was affected considerably as the court had restrained it to use the technology in dispute.