Thermax Chemical Solutions Private Limited has signed an exclusive shareholder’s agreement with Brazil-based Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ) to establish a new joint venture in India, according to a press release issued today.
The Indian conglomerate will hold a 51 per cent majority stake in the new entity, with OCQ owning the remaining 49 per cent. The joint venture will initially focus on manufacturing acrylic resins at Thermax’s existing plant in Jhagadia, Gujarat.
Acrylic resins, which find applications in paint, adhesives, infrastructure, textile, and waterproofing industries, will be the first product line. Future expansion plans include polyester and alkyd resins production.
“OCQ is a leading company in its space, and partnering with them will help us manufacture and deliver high-performance chemicals to a wide range of industries,” said Ashish Bhandari, Managing Director and CEO of Thermax Limited.
For OCQ, the partnership represents its entry into the Asian market. The Brazilian company, with operations across seven countries, specializes in chemical solutions for various sectors including paints, adhesives, and construction.
The joint venture adds to Thermax’s existing chemical portfolio of ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals.