Thermax Chemical Solutions has entered a joint venture with Brazilian chemical company OCQ, with Thermax holding a 51% stake and OCQ 49%. This partnership aims to manufacture and market high-performance chemical solutions, utilizing Thermax’s resources. Operations will commence with a new production line for acrylic resins at Thermax’s facility in Gujarat, India.
Thermax Chemical Solutions (TCSPL), a fully-owned subsidiary of Thermax, has officially signed a shareholder’s agreement with Brazilian company Oswaldo Cruz Quica Indústria e Comércio Ltda (OCQ). OCQ is recognized as one of Latin America’s leading chemical producers, specializing in resins and polymers. Under this agreement, Thermax will possess a majority stake of 51%, while OCQ will maintain a 49% stake in the joint venture, with both entities aiming to enhance their market stature and deliver superior chemical solutions.
The newly formed joint venture will focus on the manufacturing, trading, marketing, and distribution of OCQ’s formulated materials, utilizing Thermax’s established resources and extensive customer network. In preparation for these operations, Thermax will adjust its industrial facility located at Jhagadia, Gujarat, India, and implement a production line specifically for acrylic resins.
The partnership between Thermax Chemical Solutions and Oswaldo Cruz Quica Indústria e Comércio Ltda marks a significant step towards strengthening their positions within the chemical industry. With Thermax holding a controlling stake, the joint venture is set to enhance production capability and market reach. This collaboration aims to capitalize on existing resources and infrastructure, ultimately enhancing the quality of chemical solutions available in the marketplace.
Original Source: www.business-standard.com
