CUMI buys Russian firm

08th Sep. 2007

CHENNAI: Carborundum Universal (CUMI), a Murugappa Group company, has acquired 84 per cent of the ordinary shares of Volzhsky Abrasive Works (VAW), located in the Volgograd Region of Russia, through its wholly owned subsidiary, CUMI International Ltd., Cyprus, for a consideration of around $37 million.

The acquisition is a sequel to a memorandum of understanding (MoU) that the two had singed sometime in June. The deal was completed on Friday after obtaining the necessary nod from appropriate anti-monopoly authority (akin to MRTPC in India), according to V. Ramesh, Chief Financial Officer of CUMI.

The Murugappa Group outfit has since informed the Bombay Stock Exchange of the deal. VAW holds, on date, 12.67 per cent of its ordinary shares as treasury investment, which represents about 10 per cent of VAW’s charter capital. Cancellation of VAW’s treasury shares will result in CUMI’s holding going up to 96 per cent of the ordinary shares.

Get in touch with us

Contact us

The information contained in this website is for general information purposes only. The information is provided by CUMI and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.Through this website you are able to link to other websites which are not under the control of CUMI. We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them. Every effort is made to keep the website up and running smoothly. However, CUMI takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

All rights reserved.Copyright © 2015