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Chennai, July 3 Carborundum Universal Ltd has entered in to an agreement with Foskor (Proprietary) Ltd of South Africa to acquire 51 per cent equity stake in Foskor Zirconia (Proprietary) Ltd.

A press release from the company said Carborundum through its investment subsidiary will hold 51 per cent stake in Foskor Zirconia while the balance will be held by Foskor and two other South Africa based entities.

This move would help Carborundum to address growing minerals business since Foskor Zirconia has an installed capacity 4,200 tonnes a year to produce Zirconia.

Besides Foskor Zirconia produces fumed silica as by-product, which would add further value to the deal.

Carborundum will offer Foskor Zirconia its mineral processing knowledge, its brands, market access and application engineering expertise to help it grow its range of products, the release added.

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