Thermax Chemical Solutions has partnered with Brazil’s OCQ to form a joint venture, with Thermax holding a 51% stake. This collaboration aims to strengthen market presence and provide high-performance chemical solutions, focusing on manufacturing OCQ’s formulated materials. Thermax will modify its plant in Gujarat, India, to produce acrylic resins as part of this initiative.
Thermax Chemical Solutions (TCSPL), a subsidiary of Thermax, has signed an exclusive shareholder agreement with Brazilian company Oswaldo Cruz Quica Indústria e Comércio Ltda (OCQ), a prominent chemical firm in Latin America. Thermax will maintain a majority stake of 51% in the joint venture, while OCQ will own 49%. This partnership aims to enhance global market presence and provide high-performance chemical solutions.
The newly formed entity will focus on the manufacturing, trading, and marketing of materials formulated by OCQ, utilizing Thermax’s existing resources, infrastructure, and customer base. To support these operations, Thermax plans to modify its industrial plant located in Jhagadia, Gujarat, India, to set up the first production line for acrylic resins.
The collaboration between Thermax and OCQ represents a strategic move to capitalize on the strengths of both companies, with an emphasis on enhancing product offerings and expanding their market reach. The establishment of a new production line for acrylic resins at Thermax’s facility in India will facilitate this venture, ultimately contributing to the growth and success of both organizations.
Original Source: www.business-standard.com
