Thermax Limited — Important, 10-03-2025: Agreements

Thermax Chemical Solutions Private Limited, a wholly-owned subsidiary of Thermax, has entered into a Share Subscription and Shareholders Agreement with Brazil's Oswaldo Cruz Química Indústria E Comércio LTDA. This collaboration will establish a new entity in India, with Thermax holding a 51% stake and OCQ 49%. The new company will focus on manufacturing, trading, and selling specialty chemicals, starting with acrylic resins.

Thermax plans to adapt its existing facility in Jhagadia, Gujarat to commence production, significantly strengthening its chemical portfolio. This partnership aims to enhance both companies' market presence and leverage Thermax's established resources and customer base. With an expected expansion into other product lines like polyester and alkyd resins, this venture represents a strategic growth opportunity for Thermax in a promising market. Investors should view this as a potential growth driver as the companies collaborate to tap into the expanding demand for high-performance chemicals in various industries.