India's Carborundum Universal Ltd. (513375.BY) late Thursday said it has signed a pact to buy a 51% stake in a unit of South Africa's Foskor (Proprietary) Ltd.

The Indian maker of coated and bonded abrasives said the buy in Foskor Zirconia (Proprietary) Ltd. will be a good platform for Carborundum to address its growing minerals business.

It didn't disclose the financial terms of the deal.

Source: Dow Jones Newswires