CUMI today informed Bombay Stock Exchange that on August 4,2014, it has executed a letter of intent 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. The JV was set up for the production of light weight Alumina Cell for refractory/insulation application.
CUMI is currently holding 51% and Cellaris is holding 49% of the total share capital of CRIL being Rs 13.72 crore equity share capital.
"CRIL, currently a subsidiary will become a wholly owned subsidiary of CUMI. The change in ownership is expected to speed up scaling up at CRIL and will ensure continuity of operations and product development," said CUMI announcement.
CUMI is a vertically integrated Abrasives, Electro-minerals, Ceramics, Refractory Company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the USA.
