Murugappa Group firm Carborundum Universal Limited (CUMI) has said that the company is planning to acquire the rest of the 49% stake in its joint venture Cellaris Refractories India Ltd (CRIL), in which CUMI is currently holding 51% and Israel-based Cellaris is holding 49%. According to insider, CUMI has executed a letter of intent with Cellaris, for the purchase of 6,725,250 equity shares representing the remaining 49% of the equity capital held by Cellaris in CRIL subject to necessary approvals. The JV was set up for the production of light weight Alumina Cell for refractory / insulation application.
"Cellaris Refractories India Ltd (CRIL), currently a subsidiary will become a wholly owned subsidiary of CUMI. The change in ownership is expected to speed up scaling up at Cellaris Refractories India Ltd (CRIL) and will ensure continuity of operations and product development," said CUMI announcement to Bombay Stock exchange in the last week. Carborundum Universal Limited (CUMI) is a part of the US $3.03 billion conglomerate Murugappa Group. The group is one of India's largest family promoted, professionally managed ceramic and refractory company with 34,000 employees.The Company pioneered the manufacture of Coated Abrasives, Bonded Abrasives and super Abrasives in India in addition to the manufacture of Super Refractories, Electro Minerals, Industrial Ceramics and Ceramic Fibers. With strategic global alliances and state- of-the-art manufacturing facilities spanning the Southern Asian region, China, Russia and Africa, CUMI has achieved a reputation for quality and innovation.