Thermax Chemical Solutions is a wholly owned subsidiary of Thermax.

Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ) is one of the leading chemical companies in Latin America producing resins and polymers.

The two companies have agreed to establish a new company in India, with Thermax holding a majority with 51% stake and OCQ holding remaining 49%. The partnership aims to establish a dedicated production facility for manufacturing acrylic resins in India.

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.

The new entity will strengthen Thermax’s chemical portfolio, which currently includes ion exchange resins, water treatment chemicals, oil field chemicals, and construction chemicals.

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.”

Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia.

The company’s consolidated net profit dropped 51.37% to Rs 115.90 crore in Q3 FY25 as against Rs 238.34 crore posted in Q3 FY24. However, revenue from operations grew by 7.89% to Rs 2,507.76 crore in the quarter ended 31 December 2024.

The scrip fell 1.73% to currently trade at Rs 3274.90 on the BSE.