Carborundum Universal (CUMI) has entered into a memorandum of understanding to pick up 84.14 per cent stake in Volzhsky Abrasives Works (VAW) located in Volzhsky of Volgograd region in Russia.
VAW is the largest producer of silicon carbide abrasives in Russia, with an installed capacity of 65,000 tonnes a year. VAW also produces bonded abrasives and refractories. VAW’s sales in 2006 were about $54 million.
CUMI, a flagship of the Rs 8,000-crore Murugappa Group, has operations in Australia, Canada, China, West Asia, the US and India. The company has been a pioneer in the manufacture of coated and bonded abrasives in India and has made forays into other materials such as ceramics and electrominerals.
(Source: Business Standard)
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