Thermax, Brazil’s OCQ Form JV to Manufacture Specialty Chemicals in India.

Thermax Chemical Solutions Private Limited has entered into a joint venture with Brazil-based Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ) to manufacture specialty chemicals in India. The Indian conglomerate will hold a 51 per cent majority stake in the new entity, while OCQ will own the remaining 49 per cent, according to a press release issued today.

The joint venture will initially focus on producing acrylic resins at Thermax’s existing plant in Jhagadia, Gujarat. Acrylic resins are widely used in industries such as paints, adhesives, infrastructure, textiles, and waterproofing. Future expansion plans include the production of polyester and alkyd resins.

“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 marks its entry into the Asian market. The Brazilian company, which operates in seven countries, specializes in chemical solutions for industries including paints, adhesives, and construction.

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

HBL