CUMI to take 51% in Foskor
08th Jul. 2008
CHENNAI: Carborundum Universal (CUMI), a Murugappa Group company, has entered into an agreement with Foskor (Proprietary) Limited of South Africa to acquire 51 per cent equity stake in Foskor Zirconia (Proprietary) Limited, Phalaborwa, South Africa (FZL), for an undisclosed sum.
While CUMI, through its investment subsidiary, will hold a 51 per cent stake in FZL, the balance will be held by Foskor (Proprietary) Limited and two other South Africa-based entities. The agreement, however, is subject to regulatory approvals in South Africa. With a 4,200 tonnes per annum installed capacity for zirconia, FZL is the third largest producer of zirconia in the world.
FZL, according to S. Dhanvanth Kumar, Company Secretary of CUMI, was created by spinning off the zirconia facility of Foskor (Proprietary) Ltd. into an independent entity. Foskar (Proprietary) is a big producer of phasphate and phosporic acid in South Africa.
Mr. Kumar said ziroconia was an important input for the abrasive industry. With the acquisition of majority stake in FZL, the CUMI would have a complete range of products under its belt, he added. CUMI brings to FZL its mineral processing knowledge, its brands, market access, application engineering expertise and global management practices.
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