Thermax signs pact to acquire Buildtech Products India for Rs 72 crore

Thermax on Friday said it has inked a pact to acquire critical construction chemicals maker Buildtech Products India for about Rs 72 crore.

This partnership solidifies Thermax's presence in the construction chemicals sector, the energy and environment solutions firm said in a statement.

According to the statement, the company has signed an agreement to acquire a 100 per cent stake in Buildtech Products India Pvt Ltd for approximately Rs 72 crore, subject to various transaction adjustments.

Established in 1995, Buildtech Products India manufactures admixtures, accelerators and capsules used in tunnels, infrastructure and railway projects.

The Indian construction chemicals market is worth USD 3.76 billion and is expected to reach USD 5.17 billion by 2030 with a CAGR (compound annual growth rate) of 5.64 per cent, it stated.

The acquisition of Buildtech will be completed in due course.

"Chemicals has been a key area of investment for Thermax. Buildtech's products have created a niche in the sector with specialised offerings in the field of major civil repairs, waterproofing, plumbing, painting and allied works of multi-storied buildings and structures," Ashish Bhandari, MD & CEO of Thermax, said in the statement.

This strategic acquisition further reinforces our commitment to support India's infrastructure development with advanced solutions that meet the industry's evolving needs, he said.