Carborundum Universal, flagship company of Murugappa group has announced thatit will acquire 84.14% stake in Russia’s Volzhsky Abrasives Works (VAW) for an undisclosed amount.
The company has entered into a binding Memorandum of Understanding for purchase of the stake in VAW, a leading producer of Silicon Carbide (SiC) with 65,000 tons per annum installed capacity.
The deal would be formally concluded as soon as the necessary clearances including an approval by Russian Federal Anti-monopoly Service are obtained and this is expected in July 2007, as communicated bythe company to the Bombay Stock Exchange (BSE).
Pursuant to this acquisition Carborundum Universal would bring to VAW its brands, market access, application engineering expertise and global management practices.
Read more in The Livemint article.
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