Thermax announced that it had signed a pact to acquire Buildtech Products India, a critical construction chemicals manufacturer, for approximately Rs 720 million. The company stated that this partnership enhances Thermax's position in the construction chemicals sector.

The statement revealed that the agreement entails the acquisition of a 100 per cent stake in Buildtech Products India for around Rs 720 million, pending various transaction adjustments.

Founded in 1995, Buildtech Products India specializes in manufacturing admixtures, accelerators, and capsules utilized in tunnels, infrastructure, and railway projects.

The Indian construction chemicals market, valued at $3.76 billion, is projected to grow to $5.17 billion by 2030, with a compound annual growth rate (CAGR) of 5.64 per cent, according to the statement. The acquisition of Buildtech will be finalized in due course.