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Carborundum Universal's subsidiary to invest $50 Million in Russia
Monday, 01 December 2008, 16:17 IST
Chennai: City-based Carborundum Universal(CUMI), a leader in the abrasives and ceramics market, Friday said its Russian subsidiary Volzhsky Abrasive Works (VAW) will invest $50 million to build a new plant in that country.
VAW has signed a memorandum of understanding with the administration of Volgograd region in Russia, where the proposed plant will come up, CUMI chairman M.M. Murugappan told reporters here.
"The 100,000-tonne per annum plant will be built at an outlay of $50 million in phases. The capacity after the first phase will be 40,000 tonnes per annum," Murugappan said.
VAW has a 65,000-tonne per annum plant in the region, which also houses the company's corporate office.
Last September, CUMI acquired 96 percent stake in VAW for $37 million.
CUMI managing director K. Srinivasan said the plant will require around 130 acres for the first phase.
VAW is expected to close this year with a turnover of $95 million.
Source: IANS
Source: IANS