Thermax Expands Global Footprint with OCQ Joint Venture

Thermax Chemical Solutions has entered a joint venture with Brazilian company OCQ, owning 51% of the new entity. This partnership will initially produce acrylic resins at Thermax’s Gujarat plant. The collaboration aims to leverage existing resources to manufacture advanced chemicals across varied industries, enhancing both companies' global presence.

Thermax Chemical Solutions, a subsidiary of Thermax Ltd, has struck an exclusive shareholder's agreement with Brazil's Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ), the company revealed on Tuesday.

This strategic partnership grants Thermax a majority 51% stake, while OCQ holds the remaining 49%, paving the way for comprehensive collaboration.

Beginning with acrylic resins at Thermax's Gujarat facility, the venture will utilize existing infrastructure to produce high-performance chemicals for numerous industries, setting the stage for future expansion into polyester and alkyd resins.

(With inputs from agencies.)