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Mumbai, June 21

The city-based manufacturer of abrasives Grindwell Norton Ltd has formed a joint venture (JV) company christened Saint-Gobain Ceramic Materials Bhutan Pvt Ltd in partnership with the Singye Group of Bhutan. Grindwell will hold 70 per cent of the equity capital of the JV, while 30 per cent holding will be with the Singye Group, an industrial conglomerate with diversified interests. The JV will implement a project for the manufacture of silicon carbide at an estimated cost of Rs 34 crore. The Royal Government of Bhutan has approved the FDI proposal, said a release from the company. The Grindwell scrip fell by 0.03 per cent to Rs 148.7 on the BSE on Thursday.

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