Mumbai, March 11 -- Thermax Chemical Solutions is a wholly owned subsidiary of Thermax.

Oswaldo Cruz Quimica Industria e Comercio 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 exis...