Thermax Partners with OCQ to Expand Chemical Business in India

11 Mar 2025 , 11:05 PM

On March 10, 2025, Thermax Ltd announced that its wholly owned subsidiary Thermax Chemical Solutions Private Ltd has entered into a definitive exclusive shareholder’s agreement with LATAM based chemical major Oswaldo Cruz Química Indústria e Comércio Ltd (OCQ).

Thermax will own a majority 51% stake in the joint venture and OCQ will own 49%, as a part of the companies’ strategic alliance to strengthen their global footprint in the chemical sector.

The proposed new company would operate independently to manufacture, trade, market, and sell materials formulated with OCQ, building on and using the resources, infrastructure, and extensive customer base developed by Thermax. Thermax will retrofit its industrial facility in Jhagadia, Gujarat, to run this technology, with the first line to produce acrylic resins.

Acrylic resins production will serve various sectors including, but not limited to, paint, adhesives, infrastructure, textiles, and waterproofing, with polyester and alkyd resins production planned for the future.

Thermax’s Managing Director & CEO Ashish Bhandari states that the partnership will help add value by providing high-performance chemicals to its customers across a multitude of industries.

The new entity will be complementary to Thermax’s existing chemical portfolio consisting of ion exchange resins, water treatment chemicals, oil field chemicals and construction chemicals.

Francisco Fortunato, Founding Partner at the OCQ Group highlighted that the partnership represents a strategic effort to enhance geographic reach and access the Asian market, where the presence of Brazilian companies is still limited.

OCQ’s choice of Thermax for this was definite as Thermax inherits over six decades of legacy, abundant market repute, and design acumen in this industry. It is anticipated that this collaboration will open new avenues for growth, enabling both companies to establish themselves at the forefront of the high-performance chemical solutions sector.