Thermax Ltd. has acquired Buildtech Products India Pvt Ltd. in a deal valued at approximately ₹72 crore, enhancing its position in the construction chemicals market. The acquisition involves a 100% stake in Buildtech, a company established in 1995 and engaged in manufacturing admixtures, accelerators, and materials essential for large-scale infrastructure projects, including tunnels and railway installations.
The acquisition is part of Thermax’s strategy to expand its offerings in the construction sector, where the market for construction chemicals in India is valued at USD 3.76 billion. This market is expected to grow at a compound annual growth rate (CAGR) of 5.64%, reaching USD 5.17 billion by 2030.
Ashish Bhandari, MD & CEO of Thermax, stated that construction chemicals represent an important focus area for the company and that Buildtech has established a niche with products for civil repairs, waterproofing, and maintenance of high-rise buildings. According to Bhandari, the acquisition aims to enhance Thermax’s capabilities in meeting the evolving demands of India’s infrastructure sector.
The acquisition, which is subject to standard regulatory adjustments, is expected to conclude shortly, marking Thermax’s entry into a market that is projected to see substantial growth.