Thermax subsidiary Fortmax Chemicals no longer wholly owned

Thermax Limited announced on September 16, 2025, that Fortmax Chemicals India Private Limited (FCIPL) has ceased to be a wholly owned step-down subsidiary. This change followed a resolution by FCIPL's board of directors approving the allotment of equity shares to Oswaldo Cruz Química Indústria e Comércio Ltda., Brazil (OCQ).

FCIPL allotted 4,410,000 equity shares with a face value of ₹10/- each, aggregating to 49% of its equity share capital. As a result, the revised shareholding of FCIPL now shows Thermax Chemical Solutions Private Limited holding 51%, and Oswaldo Cruz Química Indústria e Comércio Ltda., Brazil (OCQ) holding 49%.

This restructuring means there is no reported benefit to the promoter, promoter group, or group companies from this transaction. Thermax Limited has informed the stock exchanges, taking note of the change in its subsidiary structure.