Carborundum Universal Ltd.

Carborundum Universal has incorporated CUMI USA INC., a wholly owned subsidiary in the State of Delaware. Carborundum Universal has entered into a Purchase agreement with M/s. Silicon Carbide Products Inc. and its existing Equity holders. The new entity incorporated by the Company shall be the SPV for the acquisition. The membership interests in the ultimate target entity will be formed as per the terms and conditions of the Purchase Agreement and shall be owned by CUMI USA INC. The incorporation of the new wholly owned subsidiary by the Company is a part of the closing condition to complete the transaction.

Carborundum Universal (CUMI) manufactures and sells mainly Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electrominerals.