Thermax Chemical Solutions (TCSPL), a wholly-owned subsidiary of Thermax, has entered into an exclusive shareholder's agreement with Brazil-based Oswaldo 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.