Abrasives and refractory maker Grindwell Norton has acquired about 20 acres of land in Gujarat for setting up a manufacturing facility for high performance refractories.
The project, which will involve investment of an estimated Rs54 crore, is expected to be completed by end-2011, the company said in a filing with the Bombay Stock Exchange (BSE).
Grindwell Norton Ltd (GNO), now a majority-owned subsidiary of Saint-Gobain in India, was set up in 1967 as a joint venture of Grindwell and Norton Company of US, the then world leader in abrasives.
The company is the leading manufacturer of abrasives (bonded, coated, non-woven, superabrasives and thin wheels) and silicon carbide in India. It also manufactures and markets high performance refractories and performance plastics products.
Based in Mumbai, Gridwell Norton has six manufacturing locations - Mora near Mumbai, Nagpur, Bangalore, Tirupati, Himachal Pradesh and Bhutan - and 11 sales offices across the country.
Grindwell Norton had featured in Forbes Asia's `Best Under a Billion' list in 2006 and was among 23 Indian companies listed in the top 200 companies, with sales of under a billion dollars, in the Asia-Pacific