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.
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