Enclosed intimation under Regulation 30(9) of SEBI Listing Regulations, 2015
CARBORUNIV · price
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Carborundum Universal Ltd has disclosed that its subsidiary Foskor Zirconia Pty Limited (FZL), based in South Africa, will cease operations. FZL has been loss-making since FY 2013 despite multiple restructuring attempts. The business became commercially unviable due to rising electricity and input costs, global competition, and forex fluctuations. FZL's financial statements have been prepared on a non-going concern basis. The company has written down various assets to realisable value amounting to Rs. 16 crores in its consolidated financial statements for the year ended March 2026.
The impact on Carborundum Universal is minimal as FZL is explicitly stated to be a non-material subsidiary with no effect on standalone operations. The Rs. 16 crore write-down is already reflected in consolidated results.