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Carborundum Universal, a Murugappa Group company, is to acquire a 49 per cent per cent held by its partner Cellaris in their joint venture firm Cellaris Refractories India Ltd (CRIL).
Following the acquisition, CRIL will become CUMI’s wholly-owned subsidiary, the company said in a stock exchange notice on Tuesday.
CRIL is a joint venture between Carborundum Universal and Israel-based Cellaris. CRIL was set up for the production of light weight alumina cell for refractory and insulation application.
At present, CUMI holds 51 per cent in the company, and the remaining 49 per cent is held by Cellaris.
CUMI will acquire 6,725,250 equity shares representing the remaining 49 per cent of the equity capital held by Cellaris in CRIL. This is subject to necessary approvals, it added.
At 2.55 pm, Carborundum Universal’s share prices were trading up by 4.74 per cent at Rs 175.50 on a steady BSE, which was up 0.72 per cent.
rajesh.kurup@thehindu.co.in
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