Cruz Química Indústria e Comércio Ltda (OCQ), one of many main chemical firms in Latin America producing resins and polymers.
Thermax will maintain a majority 51% stake in this new firm, whereas OCQ can have a 49% share. Each firms anticipate to create vital worth, strengthening their world market presence and delivering excessive-efficiency chemical options.
The brand new entity will likely be chargeable for manufacturing, buying and selling, advertising and marketing and promoting OCQ-formulated supplies by leveraging Thermax’s present sources, infrastructure and intensive buyer base. To accommodate the brand new operations, Thermax will adapt its present industrial plant at Jhagadia, Gujarat, India, and set up the primary manufacturing line to manufacture acrylic resins.
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Ashish Bhandari, Managing Director and CEO of Thermax, stated, “OCQ is a number one firm in its area, and partnering with them will assist us manufacture and ship excessive-efficiency chemical substances to a variety of industries.
Initially, manufacturing will give attention to acrylic resins—extensively used in the paint, adhesives, infrastructure, textile and waterproofing industries. Sooner or later, the plant will broaden to embody polyester and alkyd resins, amongst others. This step marks the start of our venturing into a brand new line of enterprise inside the chemical vary of options.”
The brand new entity will strengthen Thermax’s chemical portfolio, which presently contains ion change resins, water remedy chemical substances, oil subject chemical substances, and building chemical substances.
Additionally Learn: Thermax expects sturdy ordering exercise in FY26
“We see this as a strategic step to broaden our geographic presence and worldwide attain in collaboration with Thermax. With its wealthy legacy of six many years, trusted fame, and deep business experience, Thermax stands as a super companion for this enterprise.
We recognise the problem of getting into a market that Brazilian firms have but to discover extensively, however with Thermax’s confirmed observe document and powerful presence in the area, we’re assured in seizing this chance and tapping into the promising Asian market,” stated Francisco Fortunato, Founding Associate of the OCQ Group.
Shares of Thermax Ltd ended at ₹3,317.65, down by ₹41.35, or 1.23%, on the BSE.
Additionally Learn: Thermax anticipates sustained development with massive tasks again on observe in H2, says CEO
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