Carborundum Universal, part of Chennai-based Murugappa Group, has formed a joint venture with Israel-based Cellaris for the refractory business. It would be a 51:49 JV, with Carborundum holding 51% and Cellaris picking up the rest. "We got the approval to set up a joint venture with the Israeli company Cellaris at the Cochin SEZ, owned by CUMI. This JV will produce fibre refractory," according to K Srinivasan, MD of Carborundum Universal. Fibre refractory will be a special grade of refractory, and the end-user segment will be the refractory manufacturers, who will be using the same as input or raw material. The JV has planned to make an investment of Rs 15 crore initially. The plant in its present form actually was operational and existing in Israel. After the formation of the JV, the plant in Israel has been dismantled and will be brought to its Cochin SEZ for re-commissioning.
