Business Daily from THE HINDU group of publications
Thursday, Jun 15, 2006
Business Daily from THE HINDU group of publications Thursday, Jun 15, 2006 |
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Corporate
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Mergers & Acquisitions Carborundum to take 49 pc stake in Chinese co Our Bureau
Chennai , June 14 Carborundum Universal (CUMI) intends to acquire 49 per cent stake in Jingri Industrial Diamond Company, China, for a consideration of $4.9 million (Rs 20 crore). An agreement to this effect was signed between the Chennai-based Murugappa group company and the parent company of Jingri, China Engineering and Exploration Bureau (CEEB). Jingri will issue shares to CUMI to give the Indian company the 49 per cent stake. In an announcement to the BSE, Carborundum Universal has said that the joint venture would be rechristened as `Jingri CUMI Super Hard Metal Company Ltd'. The joint venture will set up a 2,000-tonne bonded abrasives plant in China. "The new facility will eventually house all the operations of Jingri," says the notification to the stock exchange. "CUMI will supply the technology for the abrasives plant. It will also be involved in the management of the business as the JV partner," it said. Jingri is one of the larger synthetic diamond manufacturing companies in China and has an installed capacity of 120 million carats. The company also has a joint venture with Hyosung of Korea, which manufactures diamond saw blades. Another subsidiary of the company produces a range of products that use synthetic diamonds. Jingri's consolidated turnover for 2005 was $10 million (Rs 45 crore).
More Stories on : Mergers & Acquisitions | Overseas Investments | Abrasives
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