Thermax Limited on Tuesday announced that its step-down subsidiary, Fortmax Chemicals India Private Limited (FCIPL), has ceased to be a wholly owned unit of the company .
According to the filing, the Board of Directors of FCIPL approved an allotment of 44.1 lakh equity shares of face value ₹10 each at par to Oswaldo Cruz Química Indústria e Comércio Ltda., Brazil (OCQ). Following this, OCQ now holds 49% of FCIPL’s equity share capital, while Thermax Chemical Solutions Private Limited retains a majority 51% stake .
The company clarified that no benefits accrue to the promoter group from this restructuring, and the move reflects a revised shareholding pattern between Thermax and its new partner.
This restructuring effectively transitions FCIPL from being a wholly owned subsidiary of Thermax to a joint venture, with OCQ now holding a significant minority stake .
