India's CUL buys 51% stake in S Africa’s FZL

03 July 2008 20:10  [Source: ICIS news]

NEW DELHI (ICIS news)--Indian ceramics and abrasives maker Carborundrum Universal Limited (CUL) has signed an agreement with South African phosphates major Foskor (Pty) Ltd to acquire a 51% stake in its subsidiary Foskor Zirconia (Pty) Ltd (FZL), CUL said on Thursday.

CUL said the acquisition would be subject to regulatory approval in South Africa. The remaining 49% stake in FZL would be held by Foskor and two other South African entities.

CUL did not disclose the acquisition price.

FZL manufactures zirconia, a ceramic material, and fumed silica, a byproduct used in making coatings, polymers, adhesives and pesticides.

CUL is a member of India’s Murugappa group, which includes Coromandel Fertilisers Limited (CFL). Foskor already holds a minority stake in CFL.

CUL said Foskor was seeking a strategic partner to expand FZL. The company was logical choice and is one of the two top global companies with interests in abrasives, ceramics, refractories and minerals.

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By: Naresh Minocha
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