Thermax Chemical Solutions Private Limited, a wholly-owned subsidiary of Thermax, has signed an exclusive shareholder agreement with Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ).
OCQ, a Latin American chemical company, specializes in producing resins and polymers. Under this partnership, Thermax will hold a majority 51% stake, while OCQ will own the remaining 49%. Both companies aim to strengthen their global market presence and deliver innovative, high-performance chemical solutions.
Manufacturing and Market Expansion
The newly formed entity will focus on manufacturing, trading, marketing, and selling OCQ’s formulated materials. By leveraging Thermax’s existing resources, infrastructure, and extensive customer base, the company plans to accelerate growth.
Thermax will modify its industrial plant in Jhagadia, Gujarat, India, to accommodate the new operations. The facility will establish its first production line dedicated to manufacturing acrylic resins.
Strategic Growth and Future Plans
Ashish Bhandari, Managing Director, Thermax Limited emphasized, “OCQ is a leader in its field, and this collaboration enables us to manufacture and supply high-performance chemicals across multiple industries. Initially, we will produce acrylic resins, which are essential in paints, adhesives, infrastructure, textiles, and waterproofing. Over time, we plan to expand into polyester and alkyd resins, strengthening our chemical solutions portfolio”.
Francisco Fortunato, Founding Partner, OCQ Group, highlighted, “Expanding our geographic presence with Thermax is a major milestone. With its six-decade legacy, trusted reputation, and deep industry expertise, Thermax is the ideal partner for this venture. Brazilian companies have yet to explore this market extensively, but with Thermax’s strong regional presence, we are confident in seizing this opportunity”.
Strengthening Thermax’s Chemical Portfolio
The collaboration will enhance Thermax’s chemical offerings. Currently, these include ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals. As per the press release, with this expansion into acrylic resins and future resin technologies, Thermax is poised to broaden its impact in the high-performance chemical sector.
