Global Synergy: Thermax and OCQ's Indian Chemical Leap.

Thermax Chemical Solutions Private Limited has formed a joint venture with Brazil-based Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ) to manufacture specialty chemicals in India. Under the agreement, Thermax will hold a 51% majority stake, while OCQ will own the remaining 49%, according to a press release issued today.

The joint venture will initially produce acrylic resins at Thermax’s existing facility in Jhagadia, Gujarat. These resins are essential in industries such as paints, adhesives, infrastructure, textiles, and waterproofing. Future expansion plans include manufacturing polyester and alkyd resins.

“OCQ is a leader in its field, and this partnership will enable us to deliver high-performance chemicals to a diverse range of industries,” said Ashish Bhandari, Managing Director and CEO of Thermax Limited.

For OCQ, the collaboration marks its entry into the Asian market. The Brazilian company, which operates in seven countries, specializes in chemical solutions for the paints, adhesives, and construction sectors.

This joint venture further strengthens Thermax’s chemical portfolio, which already includes ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals.

News by Rahul Yelligetti.