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| Exchange Disseminated Time | Carborundum Universal Ltd has informed BSE that Cellaris Refractories India Limited, (CRIL) is a joint venture between Carborundum Universal Limited, India (CUMI) and Cellaris Limited, Israel (Cellaris) set up for the production of light weight Alumina cell for refractory/insulation application. CUMI is holding 51% and Cellaris is holding 49% of the total share capital of CRIL being Rs. 137.25 million equity share capital.
CUMI on August 04, 2014 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. CRIL, currently a subsidiary will become a wholly owned subsidiary of CUMI.
The change in ownership is expected to speed up scaling up at CRIL and will ensure continuity of operations and product development.
CUMI is a fully vertically integrated Abrasives, Electro-minerals, Ceramics, Refractory Company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the USA. |
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