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.

To discuss issues facing the chemical industry go to ICIS connect
India is proving a hot spot for chemicals growth. Malini Hariharan comments on developments in her
India Chemicals Blog

By: Naresh Minocha
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly