Carborundum Universal has completed the acquisition of 49% equity stake of CRIL on October 16, 2014. With this acquisition, CRIL has become a wholly owned subsidiary of Carborundum Universal. The company had earlier executed a letter of intent (LoI) on August 04, 2014, with Cellaris, for the purchase of 6,725,250 equity shares representing the remaining 49% of the equity capital held by Cellaris in CRIL subject to necessary approvals.
Cellaris Refractories India (CRIL) was a joint venture between Carborundum Universal, India (CUMI) and Cellaris, Israel (Cellaris) set up for the production of light weight Alumina cell for refractory/insulation application.
Carborundum Universal is a fully vertically integrated Abrasives, Electro-minerals, Ceramics, Refractory Company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the USA.
