Cruz Química Indústria e Comércio Ltda (OCQ), one of the leading chemical companies in Latin America producing resins and polymers.
Thermax will hold a majority 51% stake in this new company, while OCQ will have a 49% share. Both companies expect to create significant value, strengthening their global market presence and delivering high-performance chemical solutions.
The new entity will be responsible for manufacturing, trading, marketing and selling OCQ-formulated materials by leveraging Thermax’s existing resources, infrastructure and extensive customer base. To accommodate the new operations, Thermax will adapt its existing industrial plant at Jhagadia, Gujarat, India, and establish the first production line to manufacture acrylic resins.
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Ashish Bhandari, Managing Director and CEO of Thermax, said, “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.
Initially, production will focus on acrylic resins—widely used in the paint, adhesives, infrastructure, textile and waterproofing industries. In the future, the plant will expand to include polyester and alkyd resins, among others. This step marks the beginning of our venturing into a new line of business within the chemical range of solutions.”
The new entity will strengthen Thermax’s chemical portfolio, which currently includes ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals.
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“We see this as a strategic step to expand our geographic presence and international reach in collaboration with Thermax. With its rich legacy of six decades, trusted reputation, and deep industry expertise, Thermax stands as an ideal partner for this venture.
We recognise the challenge of entering a market that Brazilian companies have yet to explore extensively, but with Thermax’s proven track record and strong presence in the region, we are confident in seizing this opportunity and tapping into the promising Asian market,” said Francisco Fortunato, Founding Partner of the OCQ Group.
Shares of Thermax Ltd ended at ₹3,317.65, down by ₹41.35, or 1.23%, on the BSE.
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