Carborandum forges JV with CEEB to acquire stake in Chinese co.

Mumbai, June 14 (UNI) Carborandum Universal (CUMI) has entered into a joint venture agreement with China Engineering and Exploration Bureau (CEEB) to acquire a 49 per cent stake in Jingri Industrial Diamond Company (JINGRI), Yanjiao, China.

With this JV, the company's press releases said it will move a step further in its twin stated objectives of offering the full range of abrasives and creating a strong manufacturing back-end in India and China to serve its global customers.

Jingri is one of the leading synthetic diamond manufacturing companies in China since 1970 with an installed capacity of nearly 120 million carat of diamonds.

It has a strategic joint venture with Hyosung of Korea in another subsidiary named Yanjiao Jingcheng Diamond Tools to produce value added products with these diamonds. Jingris consolidated turnover for the year 2005 was about USD 10 million.

UNI SN PM VKG1702