CUMI to invest Rs 150 cr in expansion

Chennai-based Carborundum Universal Ltd (CUMI), part of the $ 3.8-billion Murugappa group, is planning to expand its production capacity and create new products with an investment of Rs 150 crore .

Of the total budget, Rs 80 crore will be spent on the electro-minerals division, Rs 40 crore on abrasive products and the rest for other divisions.

Besides, the company is also planning to invest an additional Rs 50 crore in setting up a special economic zone (SEZ) in Kerala, to manufacture renewable energy materials, he added.

It has identified a foreign partner in the renewable energy segment. However, it refused to disclose the name.