Thermax Chemical Solutions Forms Joint Venture with OCQ in Brazil
Thermax Chemical Solutions has signed an agreement with Brazil-based OCQ to establish a joint venture. Thermax will own 51% of the new entity, focused on producing chemical solutions. The partnership seeks to enhance global presence and adapt Thermax’s facility in India for acrylic resin production.
Thermax Chemical Solutions (TCSPL), a subsidiary of Thermax, has finalized an exclusive shareholder’s agreement with Oswaldo Cruz Quica Indústria e Comércio Ltda (OCQ), a prominent chemical company in Brazil. TCSPL will retain a 51% majority stake while OCQ will control 49%. This partnership aims to enhance global market presence and produce high-performance chemical solutions.
The joint venture will focus on the manufacturing, trading, marketing, and selling of materials formulated by OCQ, utilizing Thermax’s resources and a broad customer base. To support these operations, Thermax intends to modify its industrial plant located in Jhagadia, Gujarat, India, establishing a new production line dedicated to acrylic resins.
The formation of the joint venture between Thermax Chemical Solutions and OCQ signifies a strategic move to enhance market presence and innovation in chemical solutions. This partnership will leverage existing resources to manufacture acrylic resins, indicating strong potential for growth in the chemical sector in Latin America and beyond.
Original Source: www.business-standard.com
