Fortmax Chemicals India Private Limited (FCIPL) is no longer a step-down subsidiary of Thermax. This change occurred following the allotment of equity shares to Oswaldo Cruz Química Indústria e Comércio Ltda. (OCQ). FCIPL has allotted 44,10,000 equity shares at par to OCQ, representing 49% of FCIPL’s equity share capital.
Fortmax Chemicals Restructuring
Thermax has announced a change in the subsidiary structure of Fortmax Chemicals India Private Limited (FCIPL). A resolution passed on September 16, 2025, approved the allotment of equity shares in FCIPL to Oswaldo Cruz Química Indústria e Comércio Ltda. (OCQ), resulting in FCIPL no longer being a step-down subsidiary.
Details of Equity Allotment
FCIPL has allotted 44,10,000 equity shares with a face value of ₹10 each to OCQ. This allotment represents 49% of FCIPL’s total equity share capital.
Revised Shareholding Pattern
Following the equity allotment, the shareholding pattern of FCIPL has changed. Thermax Chemical Solutions Private Limited now holds 51%, while Oswaldo Cruz Química Indústria e Comércio Ltda. (OCQ) holds 49% of the shares.
Source: BSE
