Thermax forays into construction chemicals with strategic acquisition of Buildtech

In a strategic move to broaden its portfolio, Thermax Ltd., a major player in the Indian engineering industry, has acquired 100 percent of Buildtech Products India Pvt Ltd. This acquisition, valued at around Rs 72 crore, marks Thermax’s entrance into the niche construction chemicals sector, expanding its reach across the energy, environment, and chemical industries.

Thermax, with a market capitalization of approximately $7.3 billion, is known for its sustainable solutions in clean energy, air, and water, with a robust presence across 14 manufacturing sites globally. This acquisition is part of Thermax’s strategic growth plan, enhancing its production capabilities and distribution footprint across India.

Founded in 1995 and headquartered in New Delhi, Buildtech has established itself in the infrastructure and construction sector with a diverse range of products, including accelerators, plasticizers, and PVC membranes. The company has notable clients such as the National Highway Authority of India (NHAI) and the National Hydroelectric Power Corporation (NHPC), which solidifies its position as a trusted supplier in infrastructure projects across highways, tunnels, and bridges.

Singhi Advisors, one of India’s top five M&A advisory firms, acted as the sole strategic financial advisor for the transaction.