By IANS
Chennai : The Rs.5,267 million turnover abrasives major Carborundum Universal Limited (CUMI) is on a shopping binge. The latest addition to its shopping list is the industrial ceramics division of IVP Limited.
The parties to the deal have inked a business purchase agreement. The final deal is expected to be signed soon, according to a statement issued by CUMI on Tuesday.
Located in Aurangabad, Maharashtra, IVP’s ceramics division makes high alumina engineered ceramic products like igniters, seals, thread guides, nozzles and other products. The unit has a technology agreement with a German company called Feldmuhle.
The 200-tonne per annum plant has around 40 workers.
Queried about the strategy to be adopted for the unit, a CUMI official said the company will first understand the technology and scale up the operations.