Thermax Chemical Solutions Private Limited, a wholly-owned subsidiary of Thermax Limited, has entered into a Share Subscription and Shareholders Agreement with Oswaldo Cruz Química Indústria e Comércio LTDA (OCQ), Brazil, to establish a new chemical manufacturing company in India.
Key Highlights of the Partnership:
- Thermax will hold a 51% majority stake, while OCQ will own 49% in the new entity.
- The partnership will focus on manufacturing, trading, marketing, and selling specialty chemicals in select markets.
- A dedicated production facility will be established in Jhagadia, Gujarat, India, with initial production focusing on acrylic resins.
- Future expansion will include polyester and alkyd resins, catering to multiple industries.
Strategic Significance of the Partnership
- Thermax expands into the high-performance chemicals segment, leveraging OCQ’s expertise.
- Focus on acrylic resins, used in paint, adhesives, construction, textiles, and waterproofing industries.
- The venture will enhance Thermax’s chemical portfolio, which already includes ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals.
Leadership Statements
Ashish Bhandari, MD & CEO, Thermax Limited:
“Partnering with OCQ enables us to deliver high-performance chemicals across various industries. This collaboration marks our entry into a new line of business within our chemical solutions portfolio.”
Francisco Fortunato, Founding Partner, OCQ Group:
“Thermax’s strong presence in India and expertise in energy and environment solutions make them an ideal partner. We aim to tap into the promising Asian market and expand our global reach.”
About Thermax Limited
Thermax is a leading energy and environment solutions company, operating 14 manufacturing facilities globally, with expertise in clean energy, air, water, and chemical solutions.
About OCQ Group
OCQ is a Brazilian chemical manufacturing leader, with operations in seven countries, specializing in paints, adhesives, construction, and waterproofing materials.
This partnership strengthens Thermax’s global market presence, positioning it as a key player in the specialty chemicals sector.
