Thermax and Vebro Polymers Partner for Joint Venture

11 Jul 2024 , 03:41 PM

On Thursday, July 11, Thermax subsidiary announced that it has signed a deal with Vebro Polymers Holdings Ltd. to form a joint venture for the flooring chemical industry.

The parties want to form a strategic relationship by collaborating with the company and its group companies in the flooring chemical business, the company stated in an exchange filing.

“We wish to inform you that Thermax Chemical Solutions Private Limited, wholly owned subsidiary of Thermax Limited (the Company) has on July 10, 2024 entered into Shareholders Agreement with Vebro Polymers Holdings Limited, Manchester, England,” according to the document.

TCSPL and Vebro have signed into an agreement to subscribe or acquire equity shares in the new firm at a 50.1:49.9 ratio.

The company recently received an order worth ₹513 crore from a major industrial multinational.

Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly-owned subsidiary of the business, has concluded an order of ₹513 crore for the supply of 2X 550 TPH boilers, according to a release.

Thermax Ltd. shares were trading 2.29% higher at ₹5,205 on the NSE. The stock is up 70% this year and 130% in the last 12 months.

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