11 March, 2025 17:00:12 IST 
Thermax Chemical Solutions Pvt. Ltd., a wholly-owned subsidiary of Pune-based engineering group, Thermax, and Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ), a Brazilian producer of resins and polymers, have agreed to establish a new company in India to establish a dedicated production facility for manufacturing acrylic resins.
Thermax will hold a majority 51% stake in this new company, while OCQ will have a 49% share.
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, and establish the first production line to manufacture acrylic resins.
Commenting on the partnership, Mr. Ashish Bhandari, Managing Director and CEO, 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.”
“We see this as a strategic step to expand our geographic presence and international reach in collaboration with Thermax. 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 Mr. Francisco Fortunato, Founding Partner of the OCQ Group. The Group currently operates in seven countries - Brazil, Argentina, Chile, the US, Russia, Italy, England, and China.
Thermax said the new entity will strengthen its chemical portfolio, which currently includes ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals.
